Complaints against Welcome Financial Services Limited (WFSL) will now be the responsibility of the Financial Services Compensation Scheme (FSCS).

News release from the FSCS:

Customers of Welcome Financial Services Limited (WFSL) may be entitled to receive compensation from the Financial Services Compensation Scheme (FSCS) in relation to advice on or the  arranging of payment protection insurance (PPI) by the firm on or after 14 January 2005. The FSCS does not cover claims for compensation in relation to PPI business conducted prior to that date.

The FSCS has declared WFSL in default. This is because the firm is unable, or likely to be unable, to pay claims against it in relation to PPI. WFSL sold a substantial number of PPI policies to its customers, and a declaration of default opens the way for those customers, and any others who might have valid claims against the firm that are protected by the FSCS, to make a claim.