Nationwide Insolvency Practitioners
  • Home Page
  • About Us
  • News
  • Contact Us

Call FREE Business Rescue Advice: 03003 038284

Request a consultation
  • Liquidation
    • Company Liquidation
    • What is Creditors’ Voluntary Liquidation (CVL)?
    • Members’ Voluntary Liquidation
    • Compulsory Liquidation
  • Administration
    • Company Administration
    • Pre-Pack Administration Process
  • CVA
    • Company Voluntary Arrangements (CVA’s)- The Ultimate Guide
  • HMRC Debt Management
    • HMRC Bailiffs
    • HMRC Arrears
    • HMRC Time-to-Pay Arrangements
    • HMRC Enforcement Notice
  • Winding Up Petitions
  • News
  • Get a Quote
    • Liquidation Quote
    • Administration Quote
    • CVA Quote

Expert Advice 03003 038284

  • Free Advice

Do you need Advice, or want to close your business?

    Your data is secure
    1. Home
    2. News
    3. FSCS & Insolvency Practitioners need closer ties

    FSCS & Insolvency Practitioners need closer ties

    Employee Smiling Latest News

    A close relationship between the Financial Services Compensation Scheme and insolvency practitioners is critical when it comes to protecting consumers. The FSCS and the Bank of England are working hard to improve the communication with the insolvency practitioner community in several ways including the annual jointly hosted event for IPs.

    Importance of closer ties

    The FSCS is the official UK compensation scheme. They pay out compensation to clients if a firm is unable or likely to be unable to pay the claims against it. The scheme protects mortgages, deposits, insurance and investments taken out by customers if a firm was to fail. The chief executive of the FSCS, Mark Neale, highlighted the importance of a close bond. He said that the basis of the relationship is the provision of data. The FSCS relies on insolvency practitioners for accurate data regarding firms which end up in default and claims against them at the FSCS. The FSCS also utilises their relationship with insolvency experts to compensate consumers quickly and efficiently when they cannot otherwise access a failed firm’s own system. This was highlighted in the case studies of MF Global and Alpari. The FSCS could not obtain the data from the brokers, leading them to turn to insolvency practitioners to confirm customer’s balances. It has also been known for insolvency practitioners to assist the FSCS to identify vulnerable customers during several credit union failures. At The Insolvency Experts, we have an expert understanding of the best ways to protect you and your clients’ money.

    Contact us for more information

    To find out more about the importance of an insolvency practitioner in times of financial struggle, and to see how we can assist your company, contact one of our experts today. Contact us online, or call us to speak to a specialist directly on 0300 303 8284.

    Categories

    • Bankruptcy
    • Business Rescue
    • COVID-19 Advice
    • Debt Advice
    • Frequently Asked Questions
    • Insolvency
    • Latest News
    • Liquidation
    • Uncategorised

    Accreditations

    Chat with us

    For free expert advice, send us a message and we’ll be in touch

    With a free consultation you will:

    • Find out how to manage creditors
    • Discover your options
    • We’ll figure out the best solution for you
    • Whether Liquidation is the best option

      Your data is secure

      It’s completely free and you have no obligation

      © The Insolvency Experts 2022

      The Insolvency Experts is the trading name of Cowgill Holloway LLP registered at Regency House, 45-53 Chorley New Road, Bolton BL1 4QR and registered in England and Wales with registered number OC316195 with offices in Bolton and Manchester.

      Follow us on our socials

      Legal

      • Privacy Policy
      • Site Map
      • Terms & Conditions

      Call us now

      03003 038284