The Financial Services Compensation Scheme (FSCS) appointed the audit and tax giant Deloitte in March 2020 to support them with complex claims in a contract worth £19m over three years.
Deloitte will assist in the claims process, including: checking evidence, gathering information from third parties, determining the eligibility of consumers and the validity of their claims, and calculating compensation due. The decision to work with Deloitte is due to the need for high levels of experience and knowledge in dealing with complex cases, in particular pensions, and the time involved in training staff to the required level.
The FSCS is an independent body that deals with customers’ claims for compensation in cases where the adviser, broker or company that sold them the product has gone out of business.
The FSCS deal with a range of claims such as PPI, pensions, insurance, investment, mortgages. The organisation is funded by levies paid by all firms under the Regulator, the Financial Conduct Authority, some firms paying this levy will be concerned that the involvement of a commercial partner may mean these costs rise.
There is no deadline for referring mis-sold PPI Claims to the FSCS and The Claims Guys continue to submit mis-sold PPI Claims to the FSCS for our customers, you are also able to refer your Claim to the FSCS yourself, free of charge.