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News

Scots banks among worst for PPI claims

A further 18 per cent reported a similar experience with Bank of Scotland owner Lloyds Banking Group – with both organisations demanding pages of additional information and insisting on unrealistic deadlines.

Earlier this year, Which? claimed that Lloyds Banking Group were potentially deterring claimants after many complained they had received a 12-page questionnaire requesting historical data. It found the bank also suggested a 14-day deadline to return the forms or risk the complaint being dropped.

While Lloyds recently announced it has set aside £460 million for PPI claims in the next year, experts warned that the excessive red tape may put off some consumers from making a claim.

Gareth Shaw, Which? money expert, said: “Time is ticking, there is just one year left to make a PPI claim. It is frustrating some banks appear to be making it harder than it needs to be and claims management companies have also taken advantage of this situation.”

He added: “We are urging anyone who may have been mis-sold PPI to make a claim. There are free tools to use online or you can apply directly to your bank – you have nothing to lose.”

At the other end of the scale, customers found HSBC to be the easiest to make a PPI claim through after 64 per cent said they found the bank’s claims process straightforward. 56 per cent of respondents also said they had an easy experience making a claim with Barclays.

Both banks previously received positive feedback from both successful and unsuccessful claimants who praised the banks for their prompt response and action.

Nearly one third of respondents said they had been successful in their PPI claim and received on average £1,500 as compensation. According to data from the FCA, since January 2018 banks have paid on average £391.8m of compensation each month. However, Which? warned that over the next 12 months, there could be millions, if not billions, of pounds left to claim. Lloyds Banking Group said that if a customer does not respond within 14 days, they make three attempts to contact them by phone.

A spokeswoman said: “We are committed to helping customers with PPI complaints. Where more information is required, we will send a fact-finding form, similar to that used by the Financial Ombudsman, to help customers progress their complaint as quickly as possible. We encourage any customers who wish to discuss PPI to contact us directly and are here to help should customers need support with their complaint.”

Article taken from – The Scotsman

Posted by M White on 11 Sep 2018

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