Picture Financial Services Plc (FSCS)

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Picture Financial Services Plc

The Financial Services Compensation Scheme (FSCS) has declared Picture Financial Services Plc in default. This means that the FSCS is satisfied the firm is unable, or likely to be unable, to pay claims against it. A declaration of default opens the way for consumers to claim compensation from the FSCS.

How to make a claim for compensation

If you believe you may have a claim against this firm and have not yet received an Application Form, please write to our Customer Services Team with full details of your claim or call our helpline. We will then send you a form.
If you have previously completed an Application Form, you do not need to do anything more at this time. We will contact you again if we require any further information or to confirm the decision we have reached on your claim.

How long will claims take to process?

The FSCS is currently dealing with claims against Picture Financial Services Plc, and is aiming to complete claims within six months of receipt of an application form. If it becomes apparent that we will not be able to deal with your claim within this timescale, we will let you know.

About FSCS

The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of financial services firms and may be able to help consumers if an authorised firm is unable, or likely to be unable, to pay claims against it. The FSCS was set up under the terms of the Financial Services and Markets Act 2000 and protects deposits, insurance, investments and home finance business.
For claims relating to insurance business, the FSCS can pay compensation of 100% of the first £2,000 and 90% of the remainder of the claim.
You do not need to claim through a solicitor, accountant or anyone else. Bringing a claim direct to the FSCS will not cost you anything. If you do decide to instruct someone to act for you, we will not be able to pay their fees.
More information about FSCS
FSA information about payment protection insurance

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Re: Picture Financial Services Plc (FSCS)

A reply

Thank you for your enquiry about the role of the Financial Services Compensation Scheme (FSCS) in the event of the failure of a General Insurance Intermediary, such as Picture Financial Services Plc.

In view of the nature of your enquiry I feel it is best to provide an overview of our role in providing protection for consumers. The FSCS is an independent body and was created under the Financial Services and Markets Act 2000 (FSMA). Our service is free to consumers. The rules that we follow have been set by the Financial Services Authority (FSA).

We are able to look into complaints relating to advice and business conducted with authorised insurance intermediaries. However, we are only able to help your claim relates to business conducted on or after 14 January 2005. This type of business was not protected by FSCS before this date. For claims relating to insurance business, the FSCS can pay compensation of 100% of the first £2,000 and 90% of the remainder of the claim

We can pay compensation if a firm, such as Picture Financial Services, is unable, or likely to be unable, to pay claims against it. This will generally be because it has stopped trading and has insufficient assets to meet claims, or is in insolvency. We describe this as being “in default”.

Once a firm is declared “in default” we will consider any claims made against the firm and establish if you have suffered a financial loss as a result of your dealings with the firm. This could relate to a complaint that a customer received advice to take out a product, and the advice was incorrect or the product suggested was inappropriate for your needs at that time. We will consider the evidence you provide and will consider if we can help you.

For your reference I can confirm that the FOS and FSCS are separate bodies and we work to different rules. For your general information our rules are made by the UK regulator, the Financial Services Authority (FSA). Our rules are available on the FSA website, in the COMP section of the FSA Handbook. http://fsahandbook.info/FSA/html/handbook/COMP

The FSCS has declared Picture Financial Services Plc in default. This means that the FSCS is satisfied the firm is unable, or likely to be unable, to pay claims against it. A declaration of default opens the way for consumers to claim compensation from the FSCS. (http://www.fscs.org.uk/consumer/latest_news/2009/aug/Picture_Financial_Services_Plc/)
If you have clients who believe they may have a claim against this firm and have not yet received an Application Form, please ask them to write to our Customer Services Team with full details of their claim. We will then send you a form.
If they have previously completed an FSCS Application Form, they do not need to do anything more at this time. We will contact them again if we require any further information or to confirm the decision we have reached on your claim.
The FSCS is currently dealing with claims against Picture Financial Services Plc, and is aiming to complete claims within six months of receipt of an application form or within six months of the firm being declared in default, whichever is later. If it becomes apparent that we will not be able to deal with a claim within this timescale, we will let claimants know.
Any personal information you provide us with will be held by the Scheme in accordance with our data protection policy, which is on our website or available on request.

[pinknico]

Re: Picture Financial Services Plc (FSCS)

My claim against Picture is currently being processed and I think the most frustrating thing is not knowing what the FSCS class as a mis sell. The FOS have a list of things including a policy for 5 years against a 20 year loan etc. It would be nice if the FSCS could spell out exactly what they consider mis selling so all Picture claimants who have been waiting a year or longer know if they have a hope of a successful claim.