WILMSLOW FINANCIAL SERVICES PPI CLAIMS TO BE ACCEPTED BY FSCS

Wilmslow Financial Services, a broker specialising in payment protection insurance (PPI), has officially been declared in default.

The FT reported that the Financial Services Compensation Scheme (FSCS) is to write to former clients and potential PPI claimants inviting them to apply for compensation.

Wilmslow Financial Services, which went into administration in May this year, mainly advised on and arranged financial products, including PPI.

The company received more than 600 complaints between March and October 2010 relating to general insurance or pure protection, with many likely to be PPI claims.

Wilmslow struggled to deal with the huge numbers of PPI claims after a court ruling placed responsibility on lending institutions to compensate customers for mis-selling loan insurance.