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PPI broker goes into administration

by: IFAonline
  • 25/05/2011
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PPI broker goes into administration
An insurance broker whose main focus was providing payment protection insurance (PPI) has gone into administration.

The Financial Services Compensation Scheme (FSCS) has confirmed Wilmslow Financial Services Ltd has been put into administration and says it is investigating how it can help consumers who have lost money through dealing with the firm.

It added protection for insurance broking is 90% of any eligible claim with no upper limit, although it said customers should not contact the FSCS.

The company’s website stated: “Philip Duffy and Sarah Bell were appointed as joint administrators of Wilmslow Financial Services plc on 17 May 2011.

“The joint administrators are currently reviewing the financial position of the company and will contact all known creditors in due course.”

Earlier this month, the British Bankers’ Association (BBA) confirmed it will not appeal a high court ruling which opened the door to potentially billions of pounds in compensation to PPI mis-selling victims.

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