Lloyds Banking Group recently succeeded in re-establishing itself in the private sector despite having to pay about £3m for structured investment mis-selling committed about two decades ago. Meanwhile, Barclays is sued for £1.1bn by a British subsidiary of an American financial institution over PPI mis-selling committed by former Barclays subsidiary Monument during the 90s and early 2000s.
Both banks have had billions to repay for payment protection insurance policies mis-sold by bank employees in the last decade. Lloyds has about £15bn earmarked for consumer refunds with half repaid to consumers. Barclays has almost £5bn for mis-sold PPI policies. The UK bank industry has a collective £35bn estimate for PPI mis-selling.
The Financial Conduct Authority had announced a PPI claims deadline set for August 29, 2019. A “consumer communications campaign” would accompany the FCA deadline, which would inform consumers of their possibly mis-sold payment protection insurance policy and their right to earn their refunds.
However, the FCA’s deadline is unlikely final; it could act as a false flag to remove PPI from the headlines and allow banks and the Financial Conduct Authority to discuss the remaining PPI claims issues in private.
If you are mis-sold PPI, be sure to understand the steps to make a PPI claim successful. You only need to keep your receipts and consult a claims manager to make your claim successful.
The Financial Conduct Authority’s PPI claims deadline would give banks the investor confidence it would need in the next few years by taking off the negativity associated with mis-sold PPI and providing “certainty” regarding the fiasco’s situation. The most expensive mis-selling scandal in the country, the UK mis-sold PPI scandal has the entire industry earmark and pay for half of £40 billion for consumers.
The Financial Conduct Authority is, by constitution, to come at the aid of consumers. The probability its deadline is to avoid unnecessary media attention for bank industry confidence to return is likely high. The FCA, along with the Financial Ombudsman, must mediate issues between consumers and banks effectively.
Given this theorem, the FCA and FOS would continue to vouch for consumers mis-sold PPI to make a claim and use all available bank resources to receive their refunds.
The only issues would be banks that would prove abusive and delaying in resolving customer issues. If banks continue to “drag their feet,” as per former FOS Chief Natalie Ceeney, the issue could once again return to the limelight.
The FCA’s move to introduce a PPI claim deadline is to ensure that banks resolve many of their ill-service by urging consumers to make a claim immediately as possible. While it might force many to make their claim, it does not mean the deadline is the end for claiming and complaining about payment protection insurance policies.
Scammers who pretend to be PPI claims managers tarnish the reputation of reputable PPI claims companies. Scammers would charge exorbitant fees or even claim money for work they did not do. Indeed, the PPI claims deadline would put an end to the scamming but before it does, here are a few ways to identify and ultimately avoid a PPI claims scam.
Charging Up Front Fees
Scammers would pose as agents of a bank who found an individual was mis-sold PPI in the few years and would charge a “processing fee.” If they ask for these fees in voucher or PayPal payment modes of payment, be wary. In the first place, any claims company charging up-front fees could be considered scammers.
A website that appears half-finished or lacking a professional appeal is truly questionable. Any company who posits itself as a PPI claims company should have a professional website that offers consultation and links to useful outbound resources such as the Financial Ombudsman’s PPI claim form and useful site to find PPI news.
Be wary of claims companies who have questionable conduct when speaking on the phone or responding through email. Be wary of grammatical errors, speaking accents (most claims management companies are in Britain and should carry an English accent or speak fluent english). These are appalling warning signs that should not be ignored at all.
Payment protection insurance’s deadline is certain and another thing that can certainly happen is banks refusing complaints without proper evaluation. To avoid all this hassle for a bad complaint result, here are three things that you could do.
Remember If Your PPI Was Mis-Sold
To find your entire historical record of buying and paying for payment protection insurance, it would be wise to use a data access request, which enables customers to see their previous records. Once the data access request provides evidence you pay PPI regularly, take a medical examination or check your final payslip to prove your ineligibility as you had an accident, sick or were unemployed or self-employed during the time you purchased the insurance policy.
Expect The Bank To Refuse Your Complaint Outright
Banks can be unscrupulous and unfair in their decisions but be prepared to deal with the possibility of a complaint refusal upon submission. The Financial Ombudsman is not too difficult to reach right after and has a 7 out of 10 chance of success for your PPI claim.
Review Your Case Multiple Times
Ask a claims expert or a friend who had accomplished their own PPI claim against their bank successfully so you would not miss any detail that could outright lead your PPI claim results to disarray.