Once again the Media machine is spreading the PPI Claims deadline threat. This may seem like news but over the past two years the banks and media have created these hypes.
I personally (I may be wrong) do not understand how the FSA could place a time limit upon PPI Claims. Banks and Financial advisors mis-sold the PPI policies to consumers. This in effect was fraudulent and even if a deadline was put in place, you could still got to court over the fraudulent sale. This would in effect double or triple PPI claims compensation payments, as court costs would need to be paid.
FSA mulls deadline for PPI claims on banks
(Reuters) – Britain’s financial regulator is considering putting a deadline on bank customers claiming compensation for being mis-sold insurance on their borrowings, sources familiar with the matter told Reuters.
The Financial Services Authority and UK banks are looking at ways to tackle the spiralling cost of compensating customers mis-sold payment protection insurance (PPI). Industry sources have said the total bill could be 25 billion pounds and take banks several years to clear as claims from customers and their agents such as dedicated claims management companies continue to pour in.
With each billion pounds paid out in PPI compensation cutting the amount banks can lend in real terms by 10 billion pounds, the industry has lobbied regulators to put a limit on how much longer customers can have to make claims. But one of the sources stressed that the talks were at an early stage.
“It is far from a done deal”, the source said.
The Times newspaper said on Wednesday that the British Bankers Association had suggested a deadline of next summer in return for the banks agreeing to finance a widespread advertising campaign to ensure people are aware that they only have a limited time to make a claim.
The BBA confirmed on Wednesday that it was holding talks over PPI with the Financial Services Authority.
“The ongoing work focuses on three issues as a priority: addressing backlogs, making sure that customers can be confident that the offers they receive are right and highlighting that there is no need for them to engage a claims management company,” the BBA said in a statement.
Banks have so far set aside more than 12 billion pounds to deal with the biggest mis-selling scandal in British history and are struggling to cope with a mounting backlog of complaints.
The policies were meant to protect borrowers who found themselves out of work because of sickness or redundancy but were found to have often been sold to customers who did not want or need them.
Last week, the Financial Ombudsman Services, which steps in when banks and their customers can’t reach a settlement, said it was currently receiving 5,000 PPI-related complaints each week and was recruiting 1,000 new staff to process them.
The FSA said it was looking at ways to deal with the unprecedented level of claims.
“We have considered a number of options and continue to do so. PPI is an ongoing and high-profile issue and we are monitoring it closely,” the regulator said.
Typically Lloyds Banking Group has an army of 6,000 workers processing claims and has put aside 5.3 billion pounds for compensation.
Banks are also co-operating more with claims management firms to process the claims, despite their public criticism of the companies, which have been urging borrowers to claim.
(Editing by Edwina Gibbs and Greg Mahlich)
PPI Claims News
LLoyds TSB PPI Claims Information
At Lloyds TSB we are committed to making it as easy as possible to resolve your complaint. We’d like to discuss the details of your case with you directly so your concerns can be resolved as quickly as possible. You can write to us at Lloyds TSB, PPI Customer Services, BX1 1LT or call us on 0845 601 2683 (lines open 8am to 6pm, Monday to Friday and 9am to 2pm Saturday)
PPI Claims are falling according to regulator
Complaints about PPI Claims have fallen for the first time in three years according to the Financial Conduct Authority (FCA). In the 1st half of 2013 1.8 million PPI complaints were recieved compared to 2.2 million PPI complaints recieved in the previous 6 month.
However reports like these need to be questioned based on figures reported previously from the FCA within the 1st half of the year. FCA reports which seem to contradict these new findings such as the monthly PPI claims payout figures indicate PPI claims rising OR that claims are increasing in value
PPI Claims – Leicester, UK
Maple Leaf Financial have a specialist team of solicitors dedicated to dealing with the mis-selling of payment protection Insurance (PPI) products by the banks in Leicester. We are happy to review these PPI products and to claim compensation for our clients where appropriate.
We will work with you to ensure that you get the correct PPI settlement or refund and any and all fair compensation that may be due to you as a result of PPI mis-selling. We will deal directly with your PPI provider, be it a bank or insurance company and neither we nor our specialist claims team will be fobbed off by them at any stage. If their offer is too low or derogatory and they won’t take us seriously we will challenge them on your behalf.
PPI Claims On Your Barclaycard: How to Claim & FAQ’s
Understand how to make a claim on PPI, otherwise known as Payment Protection Insurance and the process involved should you wish to reclaim PPI on your Barclaycard.
Maple Leaf Financial has over 10yrs experience in dealing with PPI claims. If you have any problems making a PPI Claim on your Barclaycard, we are here to assist you. We include information below on
Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim
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