Welcome Financial in default over PPI sales

WFS sold a substantial number of PPI policies to its customers, and a declaration of default opens the way for all those who have claims against the firm to seek compensation, the FSCS says. However only consumers who bought PPI from the firm on or after 14 January 2005 are elligible to claim.  In a court sanctioned agreement, WFS will make payments to the FSCS to help fund compensation payouts, and the costs associated with handling claims. FSCS chief executive Mark Neale says the agreement will reduce the costs to levy payers. The FSCS will use WFSL's claims handling resources...