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News

Banks reject 1,000 PPI claims a day despite majority of cases being won by customers

Damning new figures from independent watchdog the Financial Ombudsman Service (FOS) reveal in some cases more than nine in ten cases thrown out by banks are being decided in the customer’s favour on appeal.

In all, the big banks threw out more than 100,000 complaints from July to December 2012.

This forced desprate victims of mis-selling to fight for compensation after they were flogged the cover, which was routinely sold alongside credit cards and loans.

Marc Gander, of campaign group Consumer Action Group, said: ‘These figures show how the banks are abusing the system. They are trying to exhaust customers into giving up.’

The worst offender was state-backed Lloyds Group which fobbed off nearly 70,000 PPI complaints over six months. This included 36,287 or 86 per cent of the complaints to Lloyds TSB – and 27,891, or 81 per cent of complaints to Bank of Scotland.

The Ombudsman also upheld a staggering 97 per cent of the 5,888 complaints received about Lloyds Group subsidiary Black Horse.

A Lloyds spokesman said: ‘We acknowledge that a significant number of PPI complaints were referred to the Ombudsman in the second half of 2012 which, due to their historical nature, is not in line with progress made in other areas.’

Barclays received the next highest number of complaints at 37,883 – with more than three-quarters of the complaints upheld. A spokesman said it was ‘disappointing’ so many were turning to FOS.

Banks have blamed profit-hungry claims management firms for encouraging spurious PPI claims.

But an Ombudsman spokesman said a the number of complaints brought by claims firms had plummeted by 20 per cent over the past year. Roughly half are now submitted by customers.

A spokesman for the British Bankers’ Association said: ‘The banks are committed to handling PPI complaints efficiently so that customers can get compensation they are owed as quickly as possible.

‘All banks have hired more staff to deal with the large numbers of complaints on this issue.’

If you have not claimed back what is rightfully yours call Creditline Financial on 01733 393399 and speak to one of our friendly staff to discuss your claim.

Article taken from – This is Money

Posted by Jay Beecher on 06 Mar 2013

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