Have you heard the Financial Service Authority’s stance on PPI refund policy?
In a recently published paper, the FSA estimates that the
average refund owed to consumers who have been mis-sold PPI is
£1,560.
Over a period of five years this could cost the PPI industry
between £1bn and £3bn in refund for customers who have yet to
complain, plus between £700m and £1.2bn for existing
complaints.
In response to concerns that the banks were rejecting too many
complaints, the FSA last September proposed new guidance to ensure
PPI complaints are handled properly and that an appropriate refund
be paid to those who had been mis-sold policies.
They also want firms to reopen around 185,000 previously
rejected PPI complaints and reassess them against the new refund
rules.
The Financial Services Consumer Panel - which advises the FSA on
consumer concerns - accused the industry of deliberately delaying
fair refund for PPI customers, and said that consumers need "tough
action" from the FSA.
Adam Phillips, Chairman of the Financial Services Consumer Panel
said: "For too long, firms have been letting down their PPI
customers by not handling their complaints fairly. It seems
that too many firms have regarded PPI as an easy product to sell
and make money, without considering whether it really is right for
the customer.
At Claims Financial our experts stay abreast of the ever
changing developments in PPI refund policy so that you don't have to.
We offer a no win no fee* policy and your credit rating is left
unaffected whether we win or lose your case.
To discuss your case, simply complete the attached form and an
advisor will be in touch shortly. APPLY NOW!
Claims Financial
"I just had to put pen to paper and write to say I'm more than delighted with my settlement that you won me back from my PPI I had with Lloyds TSB. The Claim Forms were simple to fill in. It was a breeze"
Mr R Evans 11 Nov 2010