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News

Banks To Shun PPI Warning

Both Lloyds Banking Group and Royal Bank of Scotland have continued to put complaints regarding missold payment protection insurance on hold, despite warnings from the Financial Services Authority that it will ‘crack down’ on any banks that fail to follow the new guidelines that came into effect on the 1st of December.

These two banks (which are both state backed) are currently seeking protection from the British Banker’s Association, who are currently seeking a judicial review regarding the FSA’s new guidelines on the grounds that they impose retrospective rules that were not being enforced when the initial payment protection policies were sold.

Speaking on the issue, the FSA noted ‘clearly firms have to comply with our rules’ and that any financial sellers responsible for PPI complaints must ‘tell the customer of his right to go straight to the Financial Ombudsman Service if the complaint is not resolved within eight weeks.’

Regarding missold payment protection, RBS noted that they would ‘write to inform’ any customers if they were affected by the judicial review, and Lloyds stated that ‘certain customers may find a delay in receiving their resolution while we await the outcome of the judicial review.’

However, the Financial Services Consumer panel has voiced significant support for the FSA, noting that they were ‘very concerned by industry pressure which has delayed a resolution and left consumers without compensation.’

With the judicial proceedings due to begin on January 24th, there will doubtless be further developments in the world of missold payment protection soon.

For more information on how you could claim up to £15,000 in missold payment protection, contact Creditline Financial now by filling in our contact form here.

Posted by Shaun Edwards on 08 Dec 2010

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