FSCS claws back some cash from failed PPI firm
The Financial Services Compensation Scheme (FSCS) has declared Welcome Financial Services (WFS) in default.
The FSCS said it was satisfied the firm was unable, or likely to be unable, to pay claims against it in relation to payment protection insurance (PPI).
WFS sold a substantial number of PPI policies to its customers, and a declaration of default opens the way for those customers, and any others who might have claims against the firm that are protected by the FSCS, to claim compensation.
As part of the restructuring of the Cattles Group, including WFS (agreed with financial creditors and
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