FSCS Mis Sold PPI Complains
The Financial Services Compensation Scheme (FSCS) is the UK’s compensation fund of last resort for customers of authorised financial services firms who find themselves out of pocket because the firm cannot pay them the money they are owed.
The FSCS scheme was set up under the Financial Services and Markets Act 2000 and became active on 1 December 2001.
How to Claim PPI Compensation from the FSCS?
The FSCS are only able to pay claims made against a firm if it is considered that the firm is in default and does not have any money, enough money, or assets to pay your claim.
The firm that you want to complain about must also be or have been authorised by the Financial Services Authority (FSA), although if the PPI was mis-sold by a broker it may be possible to bring the PPI complaint directly to the PPI provider and complain against the underwriter of the PPI policy.
There is a good chance of a PPI policy underwriter being a company that was a former member of the General Insurance Standards Council (GISC) and the Mortgage Code Compliance Board (MCCB). Then if the customer is unhappy with the outcome, the FOS may be able to assist.
The vast majority of consumers making claims for mis-sold Payment Protection Insurance claims from the FSCS do so through a claims management company. The FSCS figures are based on analysis of PPI claims that have been submitted to the scheme.
As many as three quarters of people claiming PPI compensation from the FSCS do so through a claims management company, that is as much as 75%.
We can help you receive up to 90 percent of the value of your claim, as the compensation limit that FSCS can pay out is capped at 90 percent of the value of your claim.
We can take care of the entire FSCS PPI claim process on your behalf from helping you to check your documents/ finances for PPI, to helping you gather any essential evidence, and even taking your claim to the Financial Services Compensation Scheme (FSCS) if necessary. Our fees are set at a competitive 20% + VAT of any successful claims and we never charge any upfront fees!