NEARLY £300,000 in compensation claims have been lodged against four North-East firms who were declared in default.

The Financial Services Compensation Scheme has declared DMC Insurance Brokers Limited in Darlington, Allied Financial Ltd in Guisborough, NE Insurance Services (Life and Pensions) in Whitley Bay, and South Park Investments Ltd in Harrogate all in default.

Anyone who has lost money, as a result of dealings with the firms, can now make a claim for compensation.

Allied Financial Ltd, which has gone into liquidation, has an estimated £61,195 in claims against it, DMC Insurance Brokers Ltd has £178,575 estimated claims, NE Insurance Services Ltd has £24,681 in claims and South Park Investments Limited has £31,068.

The FSCS is a compensation service covering investments, deposits and insurance.

It provides a safety net for consumers who have claims against regulated firms that are unable to pay them.

Declaring a firm in default is the final part of the process whereby a firm is unable to pay claims for compensation against it, either because it has ceased trading, gone into liquidation or has insufficient assets.

Anyone who believes they may have a claim should contact the scheme's helpline on 0207-892 7300