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News

AMI Calls For Firms To Co-operate on PPI Cases

The latest news from the world of missold payment protection is that the Association of Mortgage Intermediaries is urging financial firms to co-operate with the Financial Ombudsman Service regarding claims over PPI.

The Ombudsman Service – the team responsible for handling complaints to financial firms regarding missold payment protection that the financial firms refuse to deal with – last week gave a warning to the financial world that it’s own reserves could be depleted within six weeks if the financial businesses refused to be co-operative in helping complainants reclaim money resulted from initial mis-selling of PPI.

Initial budgeting for cases in the FOS had been prepared for approximately 46,000 cases, but news last week revealed that the Service’s figures were anticipating an approximate number of 68,000 instead, a huge increase.

The Chief Executive of the FOS Natalie Ceeney noted that ‘If financial businesses do not co-operate on PPI cases as a result of the legal action, our loss of income from case fees in just one month could lead to an operating monthly deficit of up to £4m’ which would exhaust our reserves within six weeks.

Speaking on behalf of the AMI, Director Robert Sinclair noted that whilst no decision has been made in the judicial review currently pending between the Financial Services Authority and the financial institutions, that the latter should not be letting the complaints slide. He also warned that the FSA would likely end up having to offer monetary support to the FOS.

‘Either the FSA will have to fund the gap or we have got to levy the people who are causing the problem’, Mr Sinclair observed.

For more information on missold payment protection, visit Creditline Financial now by clicking the link here@@.

Posted by Shaun Edwards on 20 Jan 2011

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