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Could 2016 bring more changes to the PPI compensation saga?

With only a few days to go till the New Year, many of us take the time to reflect on change. Many banks and lenders will be looking to 2016 and hoping that the mis-selling of payment protection insurance (PPI) will finally begin to fade.

But, there is one thing about the mis-selling scandal which has been a recurring feature over the last few years: just when you thought it was beginning to fade into insignificance, it bounced back into the public eye, stronger than ever in some cases.

So, what changes, if any, could we see when it comes to PPI compensation claims in the coming year?

Our top 3 predictions

Keep an eye on…

  1. Commission and Compensation

The ruling in late October has placed a spotlight on the commission paid to bank representatives, agents and sales people who made the sales to customers of the PPI policies.

An individual won back a substantial sum of money because they were not told the seller was receiving compensation but, more importantly some say, the customer was unaware just how much this commission actually was.

A court has ruled that not telling customers the level of commission was unlawful and thus, this case may open up another avenue whereby customers receive more compensation.

  • Deadline Discussions

The debate about whether a deadline should be imposed has reared its head from time to time but it seems that the financial regulator, the Financial Conduct Authority is in a more conciliatory mood than in previous years. It has now agreed to examine the possibly of introducing a deadline for claims.

Expect an announcement one way or another around spring time in 2016.

  • Increasingly Complex Cases

The Financial Ombudsman Service (FOS) has been saying for some time now that along with cases that should never have been refused compensation by the banks, they are also dealing with cases that are growing increasingly complex.

We predict that in 2016, as a claim management company we will also be dealing with cases that are more complex, as well as some cases that have laid dormant for a long time and are now due a huge amount of compensation.

Do you have a claim for PPI compensation?

Make 2016 the year that you make your claim, and enjoy an unexpected windfall. Call us now to find out more about how to make a claim.

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