Banks and lenders look likely to be put under increasing pressure by the Financial Services Authority (FSA) as the judicial review on PPI claims handling continues. Since the decision of the British Bankers Association (BBA) to launch a judicial review into PPI complaints and sales procedures last year, many lenders have took the decision to freeze PPI claims handling. However, with the FSA and the Financial Ombudsmen Services (FOS) hot on their tail, more and more PPI claims are being made as victims of mis-selling realise they are still entitled to their compensation.
Banks are Being Bullies: Retrieve Your PPI Claims Compensation
Unhappy with the new FSA regulations put in place to protect customers of financial products; the BBA felt that new rules are being used retrospectively. However, the regulators believe banks are using this as an excuse to put a “blanket ban” on all PPI claims; saving them millions of pounds that should be going to victims of mis-sold PPI. A spokesperson for the FSA said; “Only a small number of complaints will be tied up because of the judicial review. The vast majority can still be dealt with and failure to do so could lead to enforcement action.” The Royal Bank of Scotland and the NatWest group have already been fined £2.8million after thousands of legitimate complaints were insufficiently concluded.
FOS Claim Banks are Fobbing Off PPI Claims Customers
Banks justified their decision to suspend PPI claims case handling by stating that some complaints would directly be affected by the outcome of the judicial review. The FOS believes banks are deliberately fobbing off PPI claims victims; leading to a backlog of cases. PPI claims now make up a shocking 50% of the Ombudsmen’s workload; stretching their financial resources to the limit and leaving victims to wait up to a year for their case to be resolved. More and more PPI customers are realising they can fight back by making their PPI claims and retrieving the money they are entitled to.
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PPI Return is a division of Goldsmith Williams; a respected law firm. PPI Return’s dedicated team experienced lawyers are committed to claiming back every penny you are entitled to with their no win, no fee policy. To find out if you may be eligible to make PPI claims take our 60 second test online today.
Content correct at time of publication