Banks Find Difficulty Repaying All PPI Complaints; Still Number One Customer Issue

July 3, 2017
by admin in PPI News

Data from a claims management company representing body’s investigation shows banks and lenders are still unfair in making their PPI refund decisions despite the announcement of the UK’s PPI deadline. PPI remains one of the most-complained about products in the United Kingdom next to flights.

According to the Alliance of Claims Companies (ACC), UK’s banks and lenders continue to use the alibi of “missing consumer information” from an immense drop in 2016 to a huge increase by April this year.

High-street banks including HSBC rejected only 6% of complaints using this alibi. The figure has increased to 42% for the bank in April this year.

Motor financing firm Blackhorse, which had also mis-sold PPI to its consumers in the past, had used the alibi only from February this year. From August 2016, the firm has never used the excuse for every PPI claim it had received.

According to ACC CEO Simon Evans the figures are indicative that firms are trying to “wriggle out” of ending mis-sold PPI with minimal expenses, refunds rightly deserved by their ripped-off consumers. He said the organisation is not shaming the banking industry for the benefit of their represented, but rather the organisation intends to expose the misgivings of banks despite the upcoming PPI claims deadline in 2019.

According to This Is Money, 262,000 complaints in the online complaints tool Resolver are about payment protection insurance. This is seconded by air flights and packaged bank accounts, which have 211,000 and 155,000 complaints respectively by April.