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News

PPI Guidance for Banks “Not Achievable”

According to software provider Charter UK, the guidelines released by the Financial Services Authority for the remediation of missold payment protection insurance “do not look achievable.” The company, who specialise in complaint and feedback management software, believe that the UK banks and other financial service organisations will not be able to meet PPI remediation guidelines “without significant, rapid investment in systems and processes.”

Charter say that this is down to an underestimation by the FSA as to the complexity of the processes and the number of resources needed by organisations to comply with the regulation.

The document, which was created in association with the Office of Fair Trading, focused on two types of income protection. The first was short-term income replacement, and the second were non-insurance forms of protection such as debt waiver and freeze.

The new guidelines are forcing firms to look at all of their previous PPI-related complaints and to identify systematic failings in their sales procedure, as well as making them contact any consumers who may have been affected by these failings and offered redress, even if they haven’t made a formal complaint.

Chief executive at Charter UK Paul Clark said “Early reports from the industry suggest that the cost of implementing these remediation programmes is likely to extend far beyond the budget and available resources. The current three to eight week window set by the FSA just doesn’t look achievable.”

If you’re having concerns over whether you have been charged for PPI then you can contact us at Creditline Financial and we’ll help you to establish whether or not you have a claim to compensation. After that we can tell you how much you could be entitled to and how to claim back PPI. Call today on 01733 393399.

Posted by Chris White on 17 Feb 2012

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