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News

Banks Finally Communicate With PPI Victims

One of the hallmarks of the PPI mis-selling scandal that rocked the UK was the total contempt and lack of respect showed for the general public by the banks and the financial institutions that were responsible. Throughout the following High Court trial, the majority of the banks refused to even deal with claims from those who believed they had been victims of the scandal.

However, in news that has come as a bit of a surprise to those of us who’ve been present since the scandal first broke, it has turned out that the banks are now substantially investing in writing to those who could be eligible for a refund.

Whilst this is without doubt great news for anyone who is unaware of a potential claim, it is still an action that should have occurred far earlier, and is one that has cost the city regulator (the FSA) a substantial amount of money to have enforced.

It is estimated that between four and twelve million customers will receive letters of the course of the next year making them aware that they could be entitled to a refund.

With more than £1.9bn being paid in compensation during the course of 2011, it is estimated that these letters could lead to the amount doubling or even tripling throughout 2012, with banks having to hire extra staff solely to deal with the amount of claims being put through.

The guidance on the issue of the letters has been provided by the FSA. Managing Director Martin Wheatley commented that ‘So far the majority of payouts have been for complaints received before, or put on hold during, the judicial review. However, we are now beginning to see firms considering how to treat customers who were mis-sold but have not complained.’

For more of the latest news from the world of missold payment protection, continue to check into the Creditline Financial blog.

Posted by Shaun Edwards on 27 Apr 2012

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19 Aug 2011