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Thousands did, and just like them you could have been mis-sold Payment Protection Insurance, meaning that you could be entitled to a refund of thousands of pounds!

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The Banking Repercussions of the New PPI Regulations

Back in April of this year, the banks attempted to appeal against new regulations relating to how they could sell payment protection insurance, commonly shortened to PPI. This appeal was subsequently rejected by a High Court judicial review and the banks were forced to continue with compensation their affected customers.

The review was originally brought to the Court by the British Bankers’ Association, (BBA), in an appeal against the updated rules set by the Financial Services Authority, (FSA), and the Financial Ombudsman Service, (FOS), with judges deciding to rule in favour of the new rules, and against the argument that the rules were “unfair because they were retrospective.”

The Lloyds Banking Group were the first to concede and accept the defeat, stating that they were “not interested” in appealing against the decision, going so far as inviting any customers who felt that they had been affected by missold PPI to get in touch with them via their website. Barclays, RBS and HSBC have all followed suit under the new rules, and other lenders such as credit card providers will also be faced with compensation claims.

What’s more, it is expected that the sale of PPI policies will plummet, with some banks predicted to abandon the idea altogether. Those wanting to continue selling the cover will have to be a lot more careful than they have been previously, with the new regulations taking effect immediately, with them now in use for around six months.

If you are of the belief that you have been missold payment protection insurance and your bank is choosing to have nothing to do with you, you have two options. Firstly, you choose whether you want to proceed with your claim or not, and secondly, if the answer to the first part was yes, then you should contact Creditline Financial and let us deal with the banks while you wait to receive your compensation.

To find out how to claim back PPI, get in touch.

Posted by Chris White on 10 Aug 2012

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