The FSCS has declared Welcome Financial Services (WFS), the loan advice firm, in default after it admitted it could not pay compensation claims linked to payment protection insurance (PPI) sales.
Mis Sold PPI Claims
WFS sold a substantial number of PPI policies to its customers, and a declaration of default opens the way for all those who have claims against the firm to seek compensation, the FSCS says.
However only consumers who bought PPI from the firm on or after 14 January 2005 are elligible to claim.
In a court sanctioned agreement, WFS will make payments to the FSCS to help fund compensation payouts, and the costs associated with handling claims.
FSCS chief executive Mark Neale says the agreement will reduce the costs to levy payers.
The FSCS will use WFSL’s claims handling resources to deal with payouts in order to speed up the resolution of claims, though all decisions will be made by the Scheme, it says.
In January, the FSA appointed three more non-executive directors to the strategic board of the Financial Ombudsman Service (FOS), as it prepares for an avalanche of extra PPI claims.
FOS says it expects the number of cases for the year to March 2011 to be 7% higher than last year, but within this total figure, PPI cases have risen by almost 40%.
PPI Claims News
PPI Complaints to Cost the Banks an extra £400m in fees to FOS
Banks in the UK are set to be charges an extra £400m in fees by the Financial Ombudsman service (FOS) for dealing with PPI complaints. The FOS charges a standard fee of £550,00 per complaint regardless of whether the complaint is upheld against the financial insitution or not.
In April 2012 a supplemental fee was also introduced for PPI complaints to help deal with the addittional costs associated with PPI complaints, given the sharp increse in complaints being recieved which currently averages at around 1500,00 per day.
PPI Claims On Your Barclaycard: How to Claim & FAQ’s
Understand how to make a claim on PPI, otherwise known as Payment Protection Insurance and the process involved should you wish to reclaim PPI on your Barclaycard.
Maple Leaf Financial has over 10yrs experience in dealing with PPI claims. If you have any problems making a PPI Claim on your Barclaycard, we are here to assist you. We include information below on :
How Much do PPI Claims Companies Charge?
When it comes to PPI claims, you need to know that you do not need to pay someone to reclaim your money.
With estimates of £9 billion being paid back by banks, and the claims management companies doing over half of those claims, this takes over 30 percent of each person’s money with each transaction making it a £1 billion industry or more. It is so profitable for these companies that they dominate the airwaves spending over £2 million every month to advertise.
Maple Leaf Financial will work with you to ensure that you get the correct settlement or refund and any and all fair compensation that may be due to you as a result of PPI mis-selling.
We will deal directly with your PPI provider, be it a bank or insurance company and neither we nor our specialist claims team will be fobbed off by them at any stage. If their offer is too low or derogatory and they won’t take us seriously we will challenge them on your behalf.
Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim
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