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News

PPI On It's Way To Being The 'Worst Financial Scandal Ever'

In a way, it’s almost not surprising that missold payment protection insurance is on its way to being the most complained about financial issue in UK history, even potentially out-stripping previous controversies such as pension and endowment mis-selling.

The Financial Services Authority has recently stated that it is expecting to receive approximately 2.75 million complaints regarding PPI between now and 2015, with estimated complaints compensation expected to top a remarkable £4 billion.

During the 1990s, there was a mass of controversy regarding the mis-selling of both personal pensions and endowments, and they are still considered the worst personal financial scandals in the history of the UK. However, with the current rates of complaint regarding missold payment protection always rising, it’s likely that this current scandal will overtake the previous ones in statistical terms at least.

The initial scandals regarding pensions and endowment had resulted in fines of more than £13.5 million, with a variety of organisations such as the Prudential and Royal Sun Alliance suffering big dents in their public image. It’s estimated that more than 13,500 customers were compensated as a result of the FSA’s initial investigation.

Considering that over 30,000 unhappy customers have already made complaints about payment protection insurance this year, this number – which almost triples that made about complaints about pensions, investments and mortgages combined – really does emphasise just how serious the problem has become.

To find out how you could reclaim up to £15,000 in missold payment protection, fill in our contact form above.

Posted by Shaun Edwards on 07 Oct 2010

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