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News

British public faces fresh wave of PPI nuisance calls and texts

The Financial Conduct Authority is consulting on whether it should impose a time limit on customers claiming against banks that mis-sold them payment protection insurance.

The ban, which is expected to be set in 2018, would draw a line under the banking industry’s most expensive mis-selling scandal, which has already cost it around £25bn in compensation and administration.

- PPI complaints rise 6% as consumers continue to win compensation.

But according to Which? it would send PPI claims management firms into panic mode as they attempt to process as many deals as possible before the cut-off point, by bombarding people with a fresh wave of calls and messages.

Some 30 million people, or two thirds of British adults, have already received spam messages about PPI, even though 98pc did not give permission to be contacted, according to figures from Citizens Advice.

Which? said nearly a third of all complaints made to banks about PPI are being brought by claims management companies on behalf of consumers, who charge a fee of up to a third of the compensation offered. This is despite borrowers who have been sold mis-sold PPI being able to claim compensation for free by writing directly to lenders.

- PPI claims firms face crackdown on fees.

According to the Money Advice Service, over 85% of people who claim PPI compensation are successful, with the average payout at around £3,000.

In a bid to encourage people to avoid costly firms and make direct claims instead, Which? is urging the FCA to make the process easier by forcing banks to accept online complaints. It also wants claims management firms to be hit with tighter rules.

Which? executive director Richard Lloyd, said: “The FCA must rethink its ill-judged proposals to introduce a time limit for PPI claims. If banks and other PPI providers had been more proactive, then this whole process would have cost less and driven fewer people to use claims management firms.”

Should you wish to make a claim with little fuss, please contact Creditline Financial on 01733 393399, before it’s too late!

Article taken from – The Telegraph

Posted by M Carey on 13 Apr 2016

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