Another payment protection insurance (PPI) insurance broker has gone into administration.
The Financial Services Compensation Scheme has published a statement on its website that Wilmslow Financial Services, which mainly provided PPI products, has gone bust.
According to the most recent company by company breakdown of the Financial Ombudsman Service statistics, Wilmslow was the subject of 198 general insurance complaints in the last six months of 2010.
This figure meant that it was the 35th most complained about company vis-avis insurance, according to an analysis published on insurancetimes.co.uk last year.
The statement on the FSCS website says: “The FSCS is aware that Wilmslow Financial Services Ltd has been put into administration. The FSCS is investigating how it is able to help consumers that have lost money through dealing with the firm.
“Customers of the firm do not need to contact the FSCS. We will publish an update on Wilmslow Financial Services as soon as more information is available.”
Wilmslow's collapse into administration means that any mis-selling claims against the company are likely to be directed to the FSCS, placing a fresh burden on the compensation scheme.
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