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News

PPI scandal will run for years, not months: FOS

According to the FCA, it brings the amount paid for mis-sold PPI since January 2011 to £9.6bn.

The figures were obtained from 24 firms which made up 96 per cent of complaints about the sale of PPI last year.

A spokesman for the FCA said 16 firms accounted for 92 per cent of PPI complaints in 2011.

On its website, the Financial Ombudsman Service said: “It is expected to take years, not months, to sort out all the issues involved.”

A spokesman for the FCA said it was not possible yet to quantify the total amount as the redress was still ongoing, but added: “This is definitely one of the biggest scadals so far.”

Adviser comment:

Julie Bayley, principal of Cumbria-based Eden Financial Planning, said: “Some of my clients had genuine claims and we worked with claims service Creditline Financial to help push this through as the banks have pushed back against these claims and FOS is, seemingly, being used as a delaying tactic. One of our clients had £9,000 that was repaid to him as he had been mis-sold PPI on his loan. He was a fireman and not able to cliam on PPI anyway as his employer would cover any accident or inability to work. His case was cut and dried.”

Article taken from – Financial Advisor Magazine and Newspaper.

If you think you were mis-sold PPI or wish to discuss your claim call our team at Creditline Financial on 01733 393399. Our process is totally transparent.

Posted by Jay Beecher on 05 Jun 2013

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