Payment Protection Insurance has continued to top the financial Ombudsman’s product complaints list, attracting 11% more claims in the three months to 30 September versus the previous quarter.
PPI gripes made up 45% of the FOS’ workload in Q3, up from 34% in the previous quarter.
Current accounts were ranked a distant second, with 11% of complaints, followed by credit card accounts with 10%, and mortgages at 4%.
In 2009/2010, 49,196 complaints were referred to the FOS regarding PPI, with 90% being upheld in the complainant’s favour, while more than one million complaints have been made to firms.
The FSA has clamped down on PPI selling, with new handbook guidance to ensure complaints are handled properly and redressed fairly where appropriate.
However the British Bankers’ Association’s has said it will launch a judicial review of the new measures.
In July this year Lloyds Banking Group stopped selling the controversial product on loans, credit cards and mortgages, after declaring the product no longer ‘economical’ for the business.
It follows a landmark decision last October, when a county court judge ruled £8,000 worth of credit card debt was unrecoverable due to the ‘unfair’ way in which PPI was sold with the product.
He ruled credit card provider MBNA could not demand repayment because, at the time of purchase, it failed to disclose to the customer it would receive regular commission payments from the insurance provider, ITT London and Edinburgh, a subsidiary of Aviva.
Midlands PPI Claims News
Step-by-Step Guide to PPI Claims for Alliance & Leicester
Although Alliance & Leicester has been ordered to send notices to customers who have been mis-sold PPI, the real number of customers the bank mis-sold PPI to by far surpasses those who have actually received notices. If you are uncertain whether you have PPI from Alliance & Leicester, check through all of the paperwork that you were given at the time of taking out the loan, mortgage, credit card account, or other financial agreement. If you find evidence or think you have been mis-sold PPI, read on to find a step-by-step guide on how to claim back your PPI from Alliance & Leicester.
PPI Claims Leicester – UK banks’ PPI claim bill could hit £5bn
British banks could be hit with a £5.1bn bill over the next five years for PPI claims over their misselling of payment protection insurance, as the estimates for the cost of compensating customers continue to rise.
Midlands PPI, how the scandal spanned three decades
The payment protection insurance saga began in the Nineties. Now the story of the scandal reaches its final chapter at the High Court in London. Our timeline sets out how events unfolded.
PPI Claims Service – Midlands
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. 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.
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
Latest posts by Tim Capper (see all)
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