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News

MPs Warn That Total PPI Liability Could Reach £4bn

At an evidence meeting of the All Parliamentary Group on Insurance and Financial Services at the House of Commons, Jonathan Evans MP raised the possibility that complete liability for missold payment protection could end up totaling a massive £4 billion.

Both the British Insurance Broker’s Association and the Association of Independent Financial Advisers also gave presentations at the meeting, where Mr Evans (who chairs the Parliamentary Group) gave his verdict.

‘I’ve seen indications that in due course the overall liability in relation to PPI is likely to be not in the hundreds of millions but the billions [of pounds]. I heard a figure of perhaps even £4bn mentioned as an end game figure’ Mr Evans stated at the meeting’s conclusion.

Technically, this total remains separate from the work of the Financial Services Compensation Scheme, but it will likely still raise significant concerns amongst various brokers that could end up affected by the missold payment protection problem.

One of the main points made by BIBA was that because of the way the FSCS works, brokers were being held responsible for mis-selling that had actually been perpetrated by other firms in different industries such as banks, mortgage brokers and even smaller businesses such as used car dealers.

Steve White, the head of compliance and training at the BIBA, noted that his organization wanted ‘a model which separates the professional insurance broker from other sellers of general insurance and removes the cross subsidization of one class by others.’

To find out more about how you could claim thousands of pounds in missold payment protection, visit Creditline Financial now by clicking the link here.

Posted by Shaun Edwards on 17 Mar 2011

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