Three Ways Bank Employees Have Mis- Sold PPI (Recap)

October 12, 2017
by admin in PPI News

The Financial Conduct Authority (FCA) has made it clear that beyond August 29, 2019, no complaint about payment protection insurance will be addressed by the watchdog or any financial institution. The deadline was set in place to encourage consumers to act upon their refunds immediately. If you’re not keen on how your bank employee might have mis-sold your insurance policy, here are a few ways how.

Requirement

Bank employees and even financial advisers may have told you that the insurance policy was a requirement to go with the loan. However, they must tell you that you can opt for other policies, and you can pull away from purchasing the product they present you because you are ineligible for it. Consider a policy you purchased at face value mis-sold.

Added Inconspicuously

Some banks approve loans for junk credit and retired applicants but add an inconspicuous payment protection insurance without informing the customer. If you had found a miscellaneous item in your series of billing statements, you are possibly mis-sold PPI.

It Raised Credit Scores Quickly

Financial insurance products only guarantee payments for a time period in case something happens to the individual. However, every insurance policy has different criteria. Even if an applicant includes it with their financing, it will not increase their credit scores immensely.