You’ve seen it in the news, the TV and the Internet. Millions of people are filing PPI claims. The Financial Ombudsman Service (FOS) states that banks such as Barclays, Lloyds and HSBC receive 1,500 claims a day for mis sold payment protection insurance. The bulk of claims today has reached 2.2 million, and the reserves of these banks will run out soon.
Around £9 million was set aside by high street banks to compensate payment protection insurance claims from customers. The High Court ruled in 2011 that all customers who cannot make a claim for mis sold PPI due to ineligibility will need to be refunded. Claims handling companies, such as www.PPIClaims.co, continue their endeavor in helping people get back all the refunds they deserve.
The Financial Services Authority (FSA)’s recent investigation of 22 banks show that most of them adopt a faulty banking incentives system for their employees. Much of the complaints coming into the FOS have financial advisers accountable. Larger bonuses are given to employees who can sell more expensive products. FSA’s Managing Director Martin Wheatley proposed that all banking incentive systems be reformed and be under the observation and regulation of a Financial Conduct Authority.
Currently, millions are still having trouble making their PPI claims. The FOS reported that some banks, financial institutions and other lenders have refused to acknowledge claims that they were obliged to respond to. Half the compensation package have been distributed and these banks were warned to comply.
If you’re experiencing trouble making your own payment protection insurance claims, dont hesitate to call a claims expert. Most of them offer free advice through the phone or help you make your claim successful. Peter Vicary-Smith, CEO of the consumer group Which?, states that payment protection insurance is one of the biggest financial scandals in the UK with numbers of complaints rising faster than any other financial scandal in the country to date.