Broker Forum: PPI - possible solution
From the broking.co.uk Broker Forum, July 2010.
Mike Cranny: The problem is that the compensation claims are falling on the broker pot because those that sold payment protection insurance (PPI) have put their companies into liquidation - some have started again in new names. The Financial Services Compensation Scheme (FSCS) only pays when the responsible party is unable to.
This problem will get worse as more companies go into liquidation and more solicitors advertise for business. Even real brokers will go bust.
The losses of the many will
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