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News

PPI Claims Process to be Simplified

Banks and credit card companies have pledged to make the PPI process for claiming back mis-sold PPI (Payment Protection Insurance) simpler and clearer for customers.

This agreement was made during a summit at the end of April, at which representatives from most major banks and credit card providers as well as Which? And Money Saving Expert attended.

Financial organisations have agreed to work together to standardise the complaints process across the industry, and as a result achieve an improved and more straightforward customer experience in the event of a complaint

The existing claims process was branded as ‘complex’ by the attending trade body, who also stated expert knowledge was required to ensure claimants were not short-changed. This helps to explain why so many customers turned to PPI Claim Management Companies for help and assistance if they suspected they were mis-sold PPI.

Many PPI complaint cases have proven to be so complex; people have needed help in the form of a claims management company to deal with the complaint on their behalf and to ensure customers receive what they are owed. Banks and lenders have been known to ‘short-change’ people by failing to pay the correct amount of compensation once a complaint is upheld. Customers would be expected to perform some fairly complex calculations to calculate whether they have received what they are entitled to.

Many customers aren’t even aware they are entitled to PPI compensation, or simply can’t remember whether had a PPI policy, but banks have pledged to write to millions of people who may have been mis-sold PPI but have not yet claimed. With an estimated £5 billion yet to be claimed, and the number of complaint cases being referred to the Financial Ombudsman, the process is far from over.

Posted by Joanne Price on 08 Jun 2012

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