Financial Services Compensation Scheme (FSCS)
PO Box 300
Tel: 0800 678 1100
The FSCS is there to protect customers in the event of an authorised financial services organisation fails i.e. firms that are authorised by the FCA and the Prudential Regulation Authority.
If the organisation you had PPI on finance with has gone out of business and cannot pay the claims made against it or has been declared in default, the FSCS can make an award of compensation. However, the award will only be to a maximum of 90% of the PPI claim where there has been actual financial loss.