Claim back YOUR MONEY today!

Have you taken out a loan from your bank in the last six years?

Thousands did, and just like them you could have been mis-sold Payment Protection Insurance, meaning that you could be entitled to a refund of thousands of pounds!

We are specialists in reclaiming your money quickly, with no up-front-fees and no hassle!

Claim now. It's easy. No obligation. No up-front fees.
* Required information
Name*
Phone*
Best time to call?
Email*
How did you find us?
Type code shown* verification image, type it in the box

Don't worry. We will only store and use the information provided to answer your query and process your request. Your details will not be passed on to any 3rd party or be used for any other purpose.

News

FCA's guidelines are undervaluing consumers' PPI claims by billions of pounds, barristers allege

A landmark Supreme Court case in 2014, known as Plevin, found that consumers who were sold PPI which had extortionate commissions included – which they were not aware of – could claim that this was mis-sold.

A follow-up to this case held that the consumer could reclaim the full cost of the commission. But the FCA has since recommended that banks only pay out the difference between the commission which was charged and 50 per cent of the premium. So if a customer was charged a 70 per cent commission, they would only get 20 per cent pack.

With the average commission percentage on PPI policies standing at 67 per cent, according to St John’s Buildings, banks’ exposure could quadruple if they followed legal precedent compared to if they followed the FCA’s guidance.
Gomer said it was questionable whether the FCA was being “consistent with its strategic objective to ‘secure an appropriate degree of protection for consumers’”.

Read more: Barclays faces £1.1bn High Court lawsuit over payment protection insurance (PPI) mis-selling
According to Gomer, banks are paying out the lowest sum possible under the FCA’s rules – but there have been cases where savvy consumers have challenged this to claw back the full cost of the commission, and have had their case settled for higher amounts behind closed doors.

The FCA declined to comment beyond statements it had already made. In a policy document last year, it said it was “exercising regulatory judgement” and believed that its approach was “fair and appropriate”, though it noted that “courts might take a variety of approaches to redress on individual cases”.

In total, more than 50m PPI policies have been sold, according to the FCA. Consumers have until 29 August to claim compensation for mis-sold policies.

Article taken from – CITYAM

Posted by M White on 30 Apr 2018

Other News

What Is PPI?

19 Aug 2011