Could banks be facing a hike in their PPI compensation bill AGAIN?
Just when the banks thought that the mi-selling payment protection insurance (PPI) could be over, something else comes along to stoke the flames.
Late September 2015 and there is a ruling that could spell more bad news for the banks, but good news for the consumer. This time the sticky issue is commission payment. The Supreme Court has ruled that by not disclosing the commission agents and representatives were being paid, PPI was unfairly sold and that customers should be compensated further.
This may mean an additional £30 million being paid out on top of compensation already paid to customers.
How will this affect you?
However, the Financial Conduct Authority (FCA) has a lot to discuss including interpreting what this ruling does actually mean for the British banks and lenders caught up in the biggest mis-selling scandal of all time.
At the same time the FCA were considering this ruling, they were also looking at the issue of a deadline for PPI compensation claims.
The announcement that they were considering a deadline was, some people say, a departure from earlier on in the scandal in which they would not entertain such an idea. However, the consensus is that there does need to be a line drawn underneath the whole mis-selling saga.
There are some doubts and many concerns. One is that the consumer in no ways misses out on making a claim for PPI compensation, nor are presented with barriers to making a claim. Some consumer groups and organisations have already expressed concern that some less scrupulous practices could go on – forcing consumers to wait to make a claim, only for it to be outside of the deadline.
Wait and see?
You could, of course, take the ‘wait and see’ approach but as a claim management company with vast experience in helping people to successfully claim PPI compensation, we suggest you check all your accounts for PPI today.
If you see this insurance policy, we suggest that you don’t wait for the announcement of a deadline but make your claim now. We will also include in your claim, if it is advisable, that you were unware of any commission being paid and, if you were, ascertain if you were aware of how much this commission was.
Payment Protection Scotland can help you!
If you have an eligible claim for PPI compensation, contact us for further advice and help on making a successful claim.