Have you heard the Financial Service Authority’s stance on PPI refund policy?
Over a period of five years, mis-sold PPI is set to cost the PPI industry billions of pounds in refunds for customers who have yet to complain, in addition to the billions of pounds for existing PPI claims.
In response to concerns that the banks were rejecting too many complaints, the Financial Services Authority 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.
Now, an FSA ruling has held all banks and lenders accountable for their PPI mis-selling, ensuring that anyone who was mis-sold the insurance can claim back the money that they were unfairly charged.
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 in 2010: "For too long, firms have been letting down their PPI customers by not handling their complaints fairly."
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We claimed £27,347,402 in 2012 *** Average payout £2,504.76
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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.
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