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The Financial Services Compensation Scheme (FSCS) and PPI Reclaims

Who are the FSCS?

The FSCS is a statutory fund of last resort for customers of financial firms in the UK. The FSCS will pay compensation to customers if a financial services firm is unable to do so.

When do I need the FSCS for PPI reclaims?

As the FSCS deals with claims against authorised firms that are unable to if you were to make PPI reclaims against companies that were authorised by the financial services authority that have since stopped trading or has insufficient assets to meet the claims against them then the FSCS would compensate you instead for any mis-sold PPI

The company I am trying to reclaim PPI from is still trading can I go straight to the FSCS?

No if your company is still trading you should complain directly about your mis-sold PPI to that company and then if your case is not resolved you should contact the financial ombudsman service

How do I know if the companies I am making PPI reclaims against are members of the FSCS?

Most companies offering insurance products should be FSA authorised and therefore it is likely that the company that offered you mis-sold payment protection insurances would be covered by the FSCS

Will I receive the same amount back if I have to reclaim PPI through the FSCS?

With PPI reclaims the FSCS will compensate 90% of the claim with no upper limit.

How long will a PPI reclaim take through the FSCS?

This will depends on a number of factors dependants to your personal PPI reclaim cases and the level of information supplied. As a claims management company Petitions Direct would be able to assist you with supplying the relevant information to the FSCS.

The FSCS won’t help me with my PPI reclaims?

The FSCS are a fund of last resort, if they won’t help you with compensation for mis-sold PPI then there will be a reason. A common one is that the firm you originally purchased the policy from have ceased to exist however as they did not fall insolvent and there assets were purchased by another company you will need to deal with them. A quick web search will likely bring up the information you need however as part of our service Petitions Direct keeps an eye on when and where one financial provider of PPI is merged with another.

If you would like help reclaiming PPI either from companies that no longer exist, or active financial companies then Petitions Direct can take on your case on a no win no fee* basis. Click Here to Find out More