13:55 PM, 29th August 2014, About 10 years ago
2.5 million Payment Protection Insurance (PPI) complaints made between 2012 and 2013 are going to be reviewed by firms after the Financial Conduct Authority FCA has forced them to improve their procedures
It is believed that complaints during this period may have been unfairly rejected or compensation paid too little. 70% of complaints taken to the Financial Ombudsman Service (FOS) by individuals unhappy with the response from the company they purchased PPI from were upheld. The FOS dealt with one million complaints concerning rejected PPI claims.
If you have made a complaint during this period it is worth checking the figures provided for compensation or reviewing the decision.
It is now much easier to make a PPI claim and most lenders and credit card companies have an online complaint form. Therefore there really is no reason to pay PPI claim companies to do it for you as they are just making money by throwing lots of mud at the wall and hoping it sticks.
Martin Wheatley, CEO of the FCA, said “making sure anybody previously missold PPI is treated fairly now, and paid redress where it is due, is an important step in rebuilding trust in financial institutions. In around 2.5 million complaints this was not necessarily the case so, at our request, firms will be looking at these complaints again.”
13 million PPI mis-selling complaints have been instigated since 2007 and it is still believed that there could be another 5 million cases not yet brought forward. £16 Billion has so far been paid out in compensation so there is little wonder why margins for products have increased so much since.
In all instances you need to make your complaint to the provider first to give them a chance to resolve the issue before taking your complaint to the FOS. All regulated lenders will have a complaints procedure that you can request a copy of.