Q&As for Welcome Financial Services Limited


  1. Why has the firm been declared in default?
  2. Why has the firm been restructured and also been declared in default?
  3. I would like to make a PPI claim against the firm. How do I go about this?
  4. Why is WFSL sending application forms to customers for them to claim compensation?
  5. When will I be sent an application form for me to make a claim for compensation?
  6. What should I do if I have claims relating to PPI sold by the firm both before 14 January 2005 and on or after 14 January 2005?
  7. What has been the FSCS’ involvement in relation to the firm’s restructuring?
  8. Is it true that the FSCS will receive payments as part of the Group’s restructuring?
  9. Is it true that the FSCS calculates compensation on a different basis to the firm?
  10. Can I still raise a complaint to the Financial Ombudsman Service?
  11. What is the level of protection provided by the FSCS?
  12. Why is there a 90% limit to the compensation available from the FSCS?
  13. If I appoint a claims management company (CMC), solicitor, or other representative to handle my claim to the FSCS, will the FSCS pay their fees?
  14. I appointed a claims management company (CMC) to deal with my claim to the FSCS. Will I be able to deduct the fees from the compensation that the FSCS pays me?
  15. Will I need to appoint a representative such as a claims management company (CMC) to deal with my claim to the FSCS?
  16. If I appoint a claims management company (CMC) or other representative, will I have to arrange to pay their fees myself?
  17. If I am paid compensation, is it correct that my legal rights are assigned to the FSCS?

Why has the firm been declared in default?

Why has the firm been restructured and also been declared in default?

I would like to make a PPI claim against the firm. How do I go about this?

Why is WFSL sending application forms to customers for them to claim compensation?

When will I be sent an application form for me to make a claim for compensation?

What should I do if I have claims relating to PPI sold by the firm both before 14 January 2005 and on or after 14 January 2005?

What has been the FSCS’ involvement in relation to the firm’s restructuring?

Is it true that the FSCS will receive payments as part of the Group’s restructuring?

Is it true that the FSCS calculates compensation on a different basis to the firm?

Can I still raise a complaint to the Financial Ombudsman Service?

What is the level of protection provided by the FSCS?

Why is there a 90% limit to the compensation available from the FSCS?

If I appoint a claims management company (CMC), solicitor, or other representative to handle my claim to the FSCS, will the FSCS pay their fees?

I appointed a claims management company (CMC) to deal with my claim to the FSCS. Will I be able to deduct the fees from the compensation that the FSCS pays me?

Will I need to appoint a representative such as a claims management company (CMC) to deal with my claim to the FSCS?

If I appoint a claims management company (CMC) or other representative, will I have to arrange to pay their fees myself?

If I am paid compensation, is it correct that my legal rights are assigned to the FSCS?

Jargon Buster

  • Eligible

    qualifying for compensation under Scheme rules.
  • FCA

    The Financial Conduct Authority is the UK's regulator for the financial services industry. 

  • FOS

    Financial Ombudsman Service, for complaints or claims against firms that are still trading.
  • In default

    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.
  • Insolvency

    having insufficient assets to meet due debts or liabilities.