The Financial Services Compensation Scheme (FSCS) appointed the audit and tax giant Deloitte in March 2020 to support them with complex claims in a contract worth £19m over three years.
Deloitte will assist in the claims process, including: checking evidence, gathering information from third parties, determining the eligibility of consumers and the validity of their claims, and calculating compensation due. The decision to work with Deloitte is due to the need for high levels of experience and knowledge in dealing with complex cases,… Read More »
Industry Regulator, the Financial Conduct Authority (FCA), has released figures for monthly PPI pay outs up to November 2019. In November, Lenders refunded £379.6 million (including administrative costs) to Customers. This brings the total amount paid back to customers who complained about the sale of their PPI to £38 billion (including administrative costs), paid from January 2011 up to November 2019. It is likely we will see this amount increase over the coming months as Lender’s conclude their handling of the remaining PPI complaints…. Read More »
As a business we are committed to taking all reasonable steps to ensure the safety of our colleagues during the Coronavirus pandemic. We have been carefully monitoring information published by the Government and the Financial Conduct Authority (FCA), taking steps to adapt our working practices where necessary.
After careful consideration we have made the decision to close our offices, effective Friday 27 March 2020. We apologise for any inconvenience caused however,… Read More »
Thousands await PPI decision over six months after deadline
In their new survey Which? revealed that thousands of consumers were still awaiting an acknowledgement of, or response to their PPI Complaint, despite the Regulator’s expectation that all Complaints are responded to within eight weeks.
The Which? survey carried out on 6,039 consumers, highlighted that 60% of consumers had not received any confirmation on whether or not they were due a PPI refundi…. Read More »
Following the deadline for making a Payment Protection Insurance (PPI) Claim on 29 August 2019, Lenders can no longer accept new Claims for PPI. However, there may be exceptional circumstances that mean it is still possible for you to Claim. We have detailed the options that may be available to you, if you missed your chance to make a Claim.
Where there are “exceptional circumstances” that prevented you from making a Claim before the deadline,… Read More »
Industry Regulator, the Financial Conduct Authority, has released figures for monthly PPI pay outs up to October 2019. In October, Lenders refunded £429.2 million (including administrative costs), up from £384.6m in September. This brings the total amount paid back to customers who complained about the sale of their PPI to £37.6 billion (including administrative costs), paid from January 2011 up to October 2019.
Even after the PPI deadline of 29 August 2019 the mis-selling scandal continues,… Read More »
Royal Bank of Scotland (RBS) have today announced major changes to their business, whilst reporting profits of £3.1 billion for 2019 – nearly double the £1.6 billion reported for 2018. The 62% state-owned bank have claimed the results are the “start of a new era” and have announced that they are rebranding their services. RBS Group will be renaming itself as NatWest Group later this year…. Read More »
Many Lenders included a high level of commission as part of the total PPI premiums without the consumers’ knowledge. In 2009, the Competition and Markets Authority published an investigative report about PPI, which highlighted that typical commission rates were between 40% and 80% of the premiumsi. In failing to disclose the commission(s) they earned from your PPI policy(s) your Lender may have created an unfair relationship…. Read More »
The Financial Services Compensation Scheme (FSCS) have confirmed that 20% of the complaints received by their service relate to Payment Protection Insurance (PPI) and that they experienced an increase in complaints leading up to the PPI Complaint deadline on 29 August 2019i.
The FSCS is an independent body which was set up to protect your money in the instance that a Financial Organisation goes out of business…. Read More »
The Financial Ombudsman Service (FOS), the organisation set up by Parliament to resolve complaints between financial businesses and their customersi, have announced that the total number of Payment Protection Insurance (PPI) complaints received by their service has now surpassed two millionii.
Although the PPI deadline came into effect on 29 August 2019, consumers are still able to challenge the way that their Lender has handled their Claim with the FOS – as long as they do so within six months of the Final Decision issued by the Lender…. Read More »