Picture Financial Services PLC - Compensation Claims

7th August 2009

The Financial Services Compensation Scheme (FSCS) has declared Picture Financial Services Plc in default. This means that the FSCS is satisfied the firm is unable, or likely to be unable, to pay claims against it. A declaration of default opens the way for consumers to claim compensation from the FSCS. 

How to make a claim for compensation

If you believe you may have a claim against this firm and have not yet received an Application Form, please contact our Customer Services Team with full details of your claim. We will then send you a form.

If you have previously completed an Application Form, you do not need to do anything more at this time. We will contact you again if we require any further information or to confirm the decision we have reached on your claim. 

How long will claims take to process?

The FSCS is currently dealing with claims against Picture Financial Services Plc, and is aiming to complete claims within six months of receipt of an application form or within six months of the firm being declared in default, whichever is later. If it becomes apparent that we will not be able to deal with your claim within this timescale, we will let you know. 

About the FSCS

The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of financial services firms and may be able to help consumers if an authorised firm is unable, or likely to be unable, to pay claims against it. The FSCS was set up under the terms of the Financial Services and Markets Act 2000 and protects deposits, insurance, investments and home finance business.

For claims relating to insurance business, the FSCS can pay compensation of 100% of the first £2,000 and 90% of the remainder of the claim.

You do not need to claim through a solicitor, accountant or anyone else. Bringing a claim direct to the FSCS will not cost you anything. If you do decide to instruct someone to act for you, we will not be able to pay their fees.

 More information about the FSCS

 FSA information about payment protection insurance

Jargon Buster

  • Authorised firm

    a company, unincorporated body, partnership or individual permitted to carry out a regulated activity by the FCA or the PRA. This term includes a mutual (unincorporated) organisation, for example a friendly society.
  • Deposits

    money placed in a bank or similar institution to earn interest or for safe-keeping.
  • FSA

    Financial Services Authority, was previously the UK's regulator for the finance industry. It was replaced by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) on 1 April 2013.
  • 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.