Home FAQs I am a Welcome Finance customer What is happening with Welcome and the FSCS?

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What is happening with Welcome and the FSCS?

On the 2nd March 2011 the FSCS (Financial Services Compensation Scheme, a government agency) declared Welcome Financial Services ("WFSL") in default. This is because the firm is unable, or likely to be unable, to pay claims against it in relation to PPI and other Insurances. WFSL sold a substantial number of PPI and other Insurance 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.

The FSCS is now responsible for PPI and other Insurance claims against WFSL for all policies sold on or after 14th January 2005. The FSCS is responsible for all decisions on claims, which are made in accordance with FSCS rules.

The agreement with the FSCS does not affect your repayments on any existing loan. You should continue to pay your account in line with your agreement.

If you believe you have a claim to make please contact the FSCS Customer Services Team on 0800 678 1100 or 0207 741 4100.