The Financial Services Compensation Scheme (FSCS) has started to process advice related claims regarding failed loan advice firm Welcome Financial Services Limited (WFSL).
The FSCS declared WFSL in default on 2 March 2011, after it became clear it would not be able to settle the increasing number of claims against it from sales after 2005. Up until now the FSCS has only been paying compensation to customers of the firm with eligible payment protection insurance (PPI) claims. In an earlier court sanctioned agreement, WFSL had been ordered to restructure and make payments to the FSCS to help fund compensation payouts, and the costs associated with handling claims.
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