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News

Which? Lets Loose On Banks

With the ongoing high court judicial review between the British Banker’s Association and the Financial Services Authority still in progress, it has been common practise for opinions regarding missold payment protection insurance to go back and forth for the duration of the review.

It is no surprise to hear that independent consumer advice website ‘Which?’ has now waded into the fray with it’s own opinions: opinions that are damning of what they believe to be despicable actions by the BBA.

The Chief Executive of Which? Peter Vicary-Smith has commented that ‘this judicial review is further proof that the banks are shamelessly trying to duck out of giving millions of consumers the redress they’re entitled to.’

Once the Judicial Review was confirmed regarding the matter, the BBA then announced that any claims regarding missold payment protection were unlikely to be processed whilst the case was still in the High Court, noting that any potential result could affect the way that the claims were processed.

The FSA and the Financial Ombudsman Service, however, have noted this is not an acceptable way of dealing with customer complaints, and that they will still treat this lack of action as the banks choosing not to acknowledge their customers and not as a legitimate reason for delay.

‘The banks are still obliged to consider all PPI complaints, so there is no excuse for them to stall. Which? wants the banks to stick to the rules and carry on processing their customers’ legitimate complaints’ concluded Mr. Vicary-Smith.

For more of the latest news regarding missold payment protection, visit Creditline Financial now by clicking the link here.

Posted by Shaun Edwards on 11 Feb 2011

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