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News

Banks Dragging Their Feet Over PPI

It has become apparent that despite all the controversy regarding missold payment protection, the banks are still dragging their feet over the issue.

The latest word from the Financial Services Authority is that they are to contest the latest decision from the British Bankers Association’s judicial review of how complaints are being handled.
This news, which has been reported in ‘Which?’ is another indication that the FSA are still not happy with the way in which the banks have been dealing with complaints from customers regarding missold payment protection.

It’s also an indication that the banks themselves are still unwilling to accept the fact that they have legitimately abused their position by selling PPI to those who either did not need it, or simply were not aware they had been sold it.

Over the past five years, there have been at least a million complaints regarding PPI, and with the number increasing as awareness of the issue rises, it has swiftly become the most complained about financial scandal in history.

The FSA’s own measures that were brought in to ensure that banks were forced to deal with their customer complaints in the proper manner have yet to take effect, and it does seem that the banks will drag their feet over dealing with consumers in the correct manner until they are simply forced to.

To find out more about how you can claim up to £15,000 in missold payment protection, fill in Creditline Financial’s contact form here.

Posted by Shaun Edwards on 13 Oct 2010

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