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News

Banks Pressured To Adopt The Barclays Approach

Following the announcement from Barclays that they would be refunding customers missold payment protection on a no-quibble basis, the other members of the British Bankers Association have also come under pressure from consumers to follow the same example.

Barclays announced that anyone who had complained on or before the 20 April would be refunded without further hassle as part of what they called ‘a gesture of goodwill’ towards customers.

However, Peter Vicary Smith – the chief executive of consumer group Which? announced that the other banks involved in the missold payment protection scandal should adopt a similar approach.

‘Banks have a lot to do to rebuild their reputation after over a decade of mis-selling PPI and then mis-handling complaints about it. It’s fantastic to see Barclays stepping up in this way, acknowledging its mistakes and refunding customers what they are owed, no questions asked. Hopefully this will have a domino effect and other banks will follow suit – the sooner the banking industry can consign the PPI mis-selling scandal to the history books, the better’ he stated.

Whilst the announcement from Barclays gave the green light to many consumers who had been waiting a significant amount of time to receive their compensation, there may still yet be a further delay, as the FSA announced this week that they would be allowing the members of the BBA to have an extension on the date by which the complaints would have to be dealt with – the date is now set at 31st August.

For more of the latest news from the world of missold payment protection and to find out how you could claim thousands in PPI, get in contact with Creditline Financial now.

Posted by Shaun Edwards on 23 Jun 2011

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