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Brexit Allows PPI Another Chance to Succeed

The United Kingdom voted for Brexit leading to many untoward fiscal consequences. Pensions have shown huge consequences. Meanwhile, a strong possibility of bigger UK unemployment exists.

Consumers eligible for their PPI might see their insurance policy in a positive light.

PPI, mis-sold to many ineligible consumers alongside financing and credit cards, had suffered six long years of shame. Banks and financial institutions are still paying the price for their deficits.

Consumer groups are condemning any possible deadline for PPI. The results of the Brexit may urge the Financial Services Authority to impose the deadline by 2018.

The closing of PPI’s shameful chapter could lead to positivity provided banks and financial institutions prevent the abusive sales tactics of sales personnel.

The financial industry is currently to repay £30bn to the UK consumer populace with over £17bn repaid to consumers. Lloyds, the biggest mis-seller of PPI, has yet to close its hatch on insurance refunds.

Consumer groups complain that with the PPI deadline comes banks abusing their positions to avoid repaying consumers. They said a deadline should mean a simpler method to reclaim PPI refunds to help consumers avoid plights with scammers – individuals who prey on claimants and charge them up-front fees then rip them off.

The UK stock market is about to spiral before it gets better. Concerned investors are pulling away from the country, which may lead to several bankruptcies. It is here that PPI can rise to the occasion and deliver.

Why The FCA is Likely To Give In To PPI Claims Deadline

Imagine if your country just left one of the strongest unions of the world and you have financial holes all over that need to be plugged, you’d sacrifice money for time. That’s the role that the Financial Conduct Authority is likely to go with.

By 2018, the City watchdog is likely to decide to go with a PPI claims deadline upon the lobbying of hte banks because…

Internal Documents Say So

According to The Times, internal FCA documents suggest a shift in the regulator’s thinking. The documents also indicate the watchdog is likely to lean towards the deadline as a cut-off date for PPI complaints is the best way to proceed with the scandal.

The current FCA leadership believe that the open-ended approach to complaints did not urge consumers to make a complaint to reclaim their insurance refunds.

Economic Troubles

Brexit or the British exit from the European Union is likely to bring some legislative changes in the financial industry. With the tightening of finances and increasing numbers of deficits, the FCA may be urged to resolve issues.

Banks will play a crucial role to keep the nation afloat. Bank-bashing and anti-bank establishment activities would be the least of the FCA’s worries as cash is needed.


PCP Can Be The New PPI Scandal of Tomorrow

Car dealerships had mis-sold Personal Car Purchase (PCP) insurance policies by the millions corresponding to each new car sold in Britain in 2015.

PCP, a policy included in most car financing deals, is said to have been poorly explained by car dealerships and sales representatives. Similar to Packaged Bank Accounts and Store Cards – dominating today’s potential new PPI – consumers were ‘rushed’ in filling out their forms, which included the PCP.

Car dealerships had even reached a point that they have buyers believe that PCP allows drivers or car owners the opportunity to profit from their contract as their car increases in value through the optional “balloon payment” figure.

The Financial Conduct Authority is leaning towards the favour of banks to fulfil the latter’s request of ending the payment protection insurance scandal as soon as possible. The City watchdog had conducted a consultation with consumers, banks, CMCs and the government in the practicality of imposing a payment protection insurance deadline.

Graham Hill, of the NACFB, says: “If the PPI claims lawyers conclude there is enough basis to put forward a mis-selling case on PCPs then, given the huge volumes in which these products have been sold to both private individuals and businesses, the car finance industry could be shaken to its roots.”

“While the PCP in itself can be an appropriate solution for many car owners, as it reduces the monthly payments quite significantly, the issue lies with the way these products have been sold.”

“Were people made aware of the increased interest rate charges on PCPs relative to hire purchase agreements, and were they misled about the prospect of equity, either deliberately or out of dealer naivety?”

“In the majority of cases, I suspect ignorance and confusion among dealers is to blame.”

The FCA’s Deadline Requires Three Things To Be Met

Everyone must admit; payment protection insurance deserves to end. However, it must be done finished with banks and the government upholding fairness instead of favouring banks due to their difficulties and their need as financial institutions.

According to analysts, the Financial Conduct Authority is leaning towards the bank industry regarding the deadline. Should they approve, they would need to ensure these three things can happen.

The Simplification of Procedures

Banks have begun the mis-sold PPI scandal and they have given gateways for scammers to swindle money off of unsuspecting consumers. The promise of refunding consumers quickly isn’t enough.

Observers believe that banks should simplify the process of claiming refunds for both sides. Banks must be capable of investigating a claim thoroughly while ensuring the refunds would arrive to consumers at the target time.

Initiative on Consumer Awareness

The regulator and the industry must work together to ensure consumers are aware they could reclaim payment protection insurance from banks.

The FCA said banks would fund about £42.2m in advertising represented by regulators themselves to encourage consumers to make a claim. Regulators still appear as reliable and trustworthy for consumers.

The campaign must not only be limited to television but must also reach emails, social media and even online advertising campaigns wherever traffic is involved.


Banks who could not keep up with the new requirements should be ‘named and shamed’ as per former practice of the FCA during the era of former Chief Executive Martin Wheatley.

Banks who conform to the needs of the situation should receive incentives. As long as the procedure is smoothed out and all involved conform to the rules as needed by the situation, the PPI process can flow and execute in a simple manner until its deadline in 2018.

Should You Use a PPI Claims Company For Your Claim?

Almost every UK media and even the Financial Conduct Authority and Financial Ombudsman are saying you can make an easy PPI claim and get your complete refund without the need for a claims management company (CMC).

However, easy is not the same as simple in this context. In fact, simple only comes when you’ve had enough experience doing the process and know the ins and outs of the entire procedure.

So, why use a claims management company for your PPI claim?



PPI claims management representatives understand which types of questions and answers usually confuse your claim leading to rejection. The media may say CMCs are just filling out forms on your behalf but it is the proper answer to a specific question – especially those entailing details how you were mis-sold – that spell the difference between a successful and failed claim.

Forgotten Account Numbers

Nobody can blame you; it’s been two decades until the City watchdog and the government did something about payment protection insurance policies. Now, it rests on your shoulders.

But the number one source of information for you – your bank – does not wish to provide support. That’s where claims management representatives come in.

A handful of PPI claims companies including Have I Got PPI have special arrangements with banks that allow them to claim on policies where they couldn’t claim before.

Nothing To Lose

With a no win no fee policy, you have nothing to lose. All you need to do is sign up to work with a CMC and you’ll be on your way to succeed. If the claim is unsuccessful, you will have saved yourself time and money in the process. And if your claim does land on the appeals side where the bank did not refund a proper amount, a CMC can do the appeals for you free of charge!

Home Retail Group Sets Aside £17m for Payment Protection Insurance

Argos, Home Retail Group’s parent company, said it has earmarked a total of £30m for its store card troubles. It said it overcharged certain late payment fees, had mis-sold PPI on certain store cards and miscalculated certain repayments using store cards.

According to Home Retail, its internal investigation unveiled errors in calculations of late payment fees for Argos chain cardholders. It said the issue was quite widespread than initially thought.

The investigation, which initially focused on Home Retail Group’s best sales performance for two years discounting poor early spring weather and the £1.4 billion takeover by Sainsbury’s, went into full detail with the errors in service regarding store cards.

According to Home Retain Group Chief Executive John Walden, the store card compensation issue was not material but affected up to 10% of HRG’s consumers.

They earmarked about £17m for mis-sold PPI and store card payment errors. For consumers who were unfairly charged late fees, the store would provide the remainder.

Mr Walden assured all consumer claims would be taken cared of without worry.

In the recent months, stores are repaying consumer claims for mis-sold PPI. Debenhams is currently resolving store card PPI troubles with consumers amounting to £5.6m. GE Capital Bank, which Debenhams allowed to mis-sell PPI on its behalf, had its employees “rush” filling out forms for consumers that they fail to explain the policy’s terms and conditions and the available opt-out box in the forms.

Analysts noted that the manner the insurance were mis-sold is similar to the methods of bank employees. Bank employees would often claim PPI is a “stepping stone” to receive loan approval.

Lack of Proper Financial Regulation Enforcement Will Lead to Another Mis-Sold PPI Scandal

According to analysts, another possible scandal the scale of mis-sold PPI can likely happen because of the FCA’s lack of regulation enforcement.

It was due to this lack that mis-sold PPI had happened, said analysts. Bank employees were motivated to sell higher volumes of their products rather than see if the products fit the consumer’s needs.

The Financial Conduct Authority’s deadline analysts see as favouring only banks. The FCA’s withdrawal of three bank probes could initiate only another lack of enforcement leading to another gigantic scandal.

The statements come as the UK’s PPI scandal would come to an artificial halt by 2018 as the FCA launches an advertising campaign intended to encourage people to claim when they have yet to do so.

UK circulation had also focused stories on new mis-sold financial products including packaged bank accounts and store cards.

Debenhams and other malls who had partnered with banks had mis-sold PPI alongside their credit card. According to experts, Debenhams’ store cards was mi sold mostly by unscrupulous sales methods of GE Capital Bank’s retail assistants. The rush of filling out forms for consumers had them forget to check the opt-out of PPI option.

It is estimated that Debenhams may have to resolve £5.7m worth of claims within the year.

Store Cards Probably The Next PPI-Scale Scandal

Debenhams, along with other shopping chains, are possibly the next-in-line to refund consumers for mis-selling certain financial products similar to payment protection insurance.

According to consumer groups, Debenhams had mis-sold a GE Capital payment protection insurance along with their membership credit card from four decades ago. The old insurance policy was issued as consumers agreed to be sold the policy on paper.

Consumer groups pointed out that retail employees deliberately rushed consumers so they can miss the opt-out box in the form. Some filled out the forms for the consumer, earning them the insurance commission for themselves.

Experts said only few complained about Debenhams’ mis-selling because most consumers saw ‘hidden’ items in their monthly charges, one of which were mis-printed PPI repayments. Some didn’t know where to file their complaints.

Experts speculate other stores to have followed suit. They encourage any consumer who had taken a card from any mall and establishment to consider making a PPI claim.

About 300,000 staff at different stores sold GE Capital PPI policies. In 2005, the bank sold about 850 policies, which may par the number of Packaged Bank Accounts – another upcoming PPI-level financial scandal.


PBAs Are The Next PPI Scale Crisis

UK financial analysts speculate that packaged bank accounts (PBA) could follow the payment protection insurance scandal.


Most PBAs have been sold alongside new bank accounts two decades ago as a promotional package to lure in more consumers.

However, not all the consumers needed the benefits provided. These included duplicate personal injury, travel and health benefits included in the accounts. Most bought the policies because they needed one of the perks or due to the unethical sales tactics of bank employees.

Mof Gimmers, editor in chief of, said the spread of PBAs was similar to PPI mis-selling, earning it the potential to become the next-stage PPI claims scandal.

Gimmers claims that according to his insider reports, banks placed pressure on consumers to take the PBAs when they first opened an account in a bank to apply for financing. Bank employees said the PBAs were required to apply for loans. Consumers also heard they needed the PBAs to withdraw their cash or use their overdraft benefits, if any.

According to analysts, the PBA scandal could reach about £10.5 billion in repayments.

Consumers have continued to rise in number claiming for PBA benefits they deemed were useless.

In the defence of banks, the Financial Ombudsman Service said most of the PBA’s benefits were quite useful to other consumers but some have no use for the added benefits and repayments to their monthly dues.