Have you heard of the FSCS? It might be able to assist you with your PPI claim.
If you’re researching how to claim PPI and are directed towards the FSCS, you might be wondering why. What is it and why would you need to contact this company?
Below, we explain what the FSCS is and why, for some, it will be your point of contact for a claim. Remember, you now have just ten months left to claim PPI. The Financial Conduct Authority has set 29th August 2019 as the deadline for all PPI claims. You must submit your claim before this date.
In this article, we explain how to do so and why you might need to contact the FSCS.
What Is the FSCS?
The FSCS is the Financial Services Compensation Scheme. If you wish to make a claim for compensation, but the financial institution you were mis-sold PPI from is no longer operating, you can make a claim to the FSCS. It has a compensation fund in place to ensure that consumers can receive a refund from a claim.
It covers claims for all businesses “in default.” The definition of a business ”in default” is: “A firm unable, or likely to be unable, to pay claims against it. This will generally be because it has stopped trading and has insufficient assets to meet claims, or is in insolvency.”
It’s important to note that just because a company is no longer trading does not mean that it is in default. For example, Woolwich is no longer trading, but the company has been taken over by Barclays, which means you should contact Barclays regarding a Woolwich PPI claim.
Making an FSCS PPI Claim
If you are not sure if the bank or lender is in default, you can check the list on the FSCS website. Some of the lenders in default that the FSCS deal with include:
- Welcome Financial Service Limited
- Bright Finance Limited
- London Scottish Bank Plc
If you believe that a company in default mis-sold you PPI, you must make your claim to the FSCS before the PPI deadline. If you already have evidence of mis-sold PPI and can state how you believe it was mis-sold to you, start your claim right away. The claim can be made on the FSCS website.
If you can’t remember if you were mis-sold PPI and want to find out, you can contact a reputable claims company, such as Canary Claims, to investigate on your behalf. If we identify any evidence of mis-sold PPI, we will let you know and then can proceed to make a claim for you.
Even if you don’t have your account details and no longer have your paperwork, we will do our best to uncover any evidence of PPI. Thousands of UK consumers were surprised that they were mis-sold the insurance.
What Happens after a Claim?
After submitting a claim to the FSCS, it will review the case to see if your claim is valid from the appropriate lender. It can take up to three months for your claim to be resolved. If the FSCS believes that you were mis-sold PPI from the lender in default, you will receive a refund.
If you are unhappy with the outcome of your claim, you can raise a complaint with the FSCS. This will be forwarded to the Customer Escalation Team, which is separate to the team that made the initial decision on your claim. A Complaints Officer will review your case, considering any additional information you provide. When you appeal the result of your claim with the FSCS, the decision of this review is final, so it’s important you gather as much evidence as possible to support your complaint.
Remember, you now have just ten months to make a claim, so act soon to make sure you receive the money that is rightfully yours.
Are you ready to find out if you are owed PPI? Canary Claims can uncover evidence of PPI and start your FSCS PPI claim for you. We offer a low fee of only 15% + VAT (18% total) on successful claims, so contact our friendly and efficient team to start your claim today.