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News

Banks Officially Stalling On PPI Complaints

The Financial Ombudsman Service has noted that Banks have now begun to officially stall on dealing with complaints they are receiving regarding missold payment protection insurance, and are refusing to deal with them in the legally required eight week period.

The reasons for the bank’s refusal to obey the requirements set out initially by the Financial Services Authority is due to the court case expected to be heard in the high courts between the FSA and the British Banker’s Association over the issue as to whether the FSA’s regulations can be applied to previous PPI complaints that had been withheld.

The BBA had initially warned that the court case would mean complaints would be put on hold, but this reaction has been called nothing but cynical delaying tactics by the various consumer groups that have been rallying against what they believe to be mistreatment by banks.

The Financial Ombudsman service is currently receiving 2,500 complaints about missold payment protection per week, and has estimated that following the new FSA regulations the banks would be dealing with an estimated 550,000 complaints per year for the next five years, with the average compensation for consumers varying between £900 and £1800.

The new regulations came in after the competition commission had decided separately that banks would no longer be allowed to sell PPI policies at the same time as they gave out loans to prevent further misselling.

For information on how you could claim up to £15,000 in missold payment protection, visit Creditline Financial now by clicking the link here.

Posted by Shaun Edwards on 20 Dec 2010

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