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Missold Payment Protection Increases FSCS Levies 70-Fold

According to the British Insurance Broker’s Association, the current amount of missold payment protection in the UK has caused a huge 70% increase in insurance intermediary sub-class levies from the Financial Services Compensation Scheme.

BIBA were in attendance at an FCSC evidence session held at the Houses of Parliament during last week, where their head of compliance Steve White noted that ‘The misselling of PPI by credit brokers has caused a 70-fold increase in FSCS levies over the last three years. A firm that paid £3,000 three years ago is now being faced by a levy demand this summer of £210,000.’

Mr White also argued that as the industry is typically witness to a two-year delay in complaint activity and compensations demands that the compensation expected as a result of the mis-selling is likely to further increase over the next few years.

The All Party Parliamentary Group on insurance and financial services – who were holding the meeting – did note that if the amount of compensation for missold payment protection continued to increase to the reported £4 billion that has previously been quoted as the potential final figure, that it ‘could not be borne by the industry.’

Jonathan Evans, the MP for Cardiff and the Chairman of the APPG, argued that as banks were the institution that most widely sold PPI that they should be requested to shoulder more of the responsibility for the costs.

For more of the latest news regarding missold payment protection, visit Creditline Financial now by clicking the link here.

Posted by Shaun Edwards on 22 Mar 2011

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