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News

Banks admit they are failing to meet 28-day deadline for PPI claims

Borrowers mis-sold rip-off insurance on loans and credit cards face further delays for their compensation after banks and lenders admitted they are failing to meet an agreed deadline for dealing with claims.

Lloyds TSB, Royal Bank of Scotland/NatWest, Barclaycard and Firstplus – a part of Barclays – have admitted breaching a ‘gentleman’s agreement’ to pay payment protection insurance compensation within 28 days to the customer.

Those with Lloyds TSB are among the worst affected by the latest delays, with some who have accepted an offer of compensation forced to wait months for their money.

A huge backlog of complaints built up earlier this year as banks – who were fighting a High Court case – refused to deal with them.

But after the banks lost their case in April they were forced to set aside billions of pounds of compensation and given until August 31 to work through the backlog.

On the day of the deadline the Financial Services Authority revealed that 16 unnamed firms had paid out £216million compensation in the first half of the year.

But it has now sparked anger among consumer groups for protecting the identities of firms which have failed to meet that 31 August deadline – rejecting a Freedom of Information Act request from Which?.

The regulator said naming the culprits would lead to speculation which could damage the firms’ brands and commercial interests and hamper ‘open and candid’ discussions with the industry.

Richard Lloyd, executive director of Which? told Money Mail: ‘We were hugely disappointed that the FSA is more concerned with protecting the ‘brands’ of firms who had systematically mis-sold PPI than with telling customers what’s going on.

‘PPI has been mis-sold on an industrial scale, and banks must be held to account for their actions.’

Barclays, Bank of Scotland, Halifax, HSBC and Santander say they are meeting the 28-day deadline.

Banks and new lenders face a new crackdown on the way the new generation of protection policies are designed due to growing fears of a repeat of the PPI misselling scandal.

The FSA and the consumer watchdog the Office of Fair Trading yesterday proposed tougher rules, including forcing firms to be clearer on costs and design products with their target audience in mind.

A Lloyds TSB spokesman says: ‘We are processing all PPI compensation payments within a reasonable turnaround time, however we have encountered a one-off processing issue which has delayed payments for a group of customers with a Lloyds TSB loan.

‘We are looking to resolve this as a priority and have dedicated resource working on this to clear the backlog.’

An RBS spokesperson said: ‘We are working carefully and quickly through all responses received, and are sorry for any delay this may have caused.

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

(Article taken from This is Money)

Posted by Michael Castellano on 07 Nov 2011

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