PPI Complaints Continue to Plague the Industry

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Fresh complaints about the mis-selling of payment protection insurance continue to be a problem for the Financial Ombudsman Service. The ombudsman received over 40,000 PPI complaints between July and September after people were still finding that banks were still rejecting their claims for compensation. Over 50% of PPI complaints during this period were continuing a… Read more »

PPI Mis-Selling Scandal Hits £40bn

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Banks and financial services companies have astonishingly racked up over £40bn in costs associated to the mis-selling of payment protection insurance. PPI became the costliest scandal in UK banking history some time ago, however, Barclays announced this week that it had set aside a further £600m to handle the cost of further claims. Data collated… Read more »

PPI Complaints Stabilise Ahead of 2019 Deadline

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Complaints about PPI have begun to stabilise, giving the banks and lenders some reprieve as they prepare themselves for the claims that will come flooding in before the deadline. The Financial Conduct Authority released figures that suggests that in the first half of the year, PPI complaints were still peaking at 1.12 million. Whilst this… Read more »

Could a PPI Tool Be the Answer?

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It would be good for claims management companies and similar industries to create a sort of PPI claims inquiry application or tool, similar to what the banks use. The tool would be able to cross-reference previously recognised PPI information for various banks. Unfortunately, claims management companies don’t have the appropriate arrangements with most banks to… Read more »

The PPI Deadline – What You Need to Know…

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The Financial Conduct Authority, has recently announced a 2019 deadline for all customers making claims for the mis-selling of payment protection insurance (PPI). Why Is There a Deadline? The FCA has claimed that imposing a deadline would mean that banks can draw a line under what has been the most expensive scandal ever witnessed in… Read more »

‘What Information Do I need to Make a Successful PPI Claim?’

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As many will know, the Financial Ombudsman has moved the PPI deadline back from 2018 to the summer of 2019, but this isn’t necessarily an indication that things have gotten any easier. The lack of simplification for claiming back PPI has been one of the main complaints brought forward by Which? and other consumer groups… Read more »