Why Are Consumer Groups Refusing The PPI Claims Deadline?

April 28, 2016
by admin in PPI News

Consumer groups will always stay mad at anyone trying to victimise consumers or take advantage of their situation.

But many consumers believe it’s time for PPI claims to end. They believe it would also end their annoyance and anticipation regarding their monetary claims.

According to consumer groups, the reality is that banks gain the upper hand against consumers.

Lessons Haven’t Been Learned

Why consumer groups cheered the Supreme Court over supporting the City watchdog’s PPI refund scheme is because banks have to learn their lesson.

After five years, banks still haven’t learned their lesson and instead would be receiving “undeserved relief” for a fiasco they themselves caused.

Simplifying the Process

UK banks have yet to simplify their claims process. The PPI scheme, which appears perfect on draft, banks implement with carelessness.

Lloyds has a ratio of 7 out of 10 claims wrongly rejected, according to the FCA. Several banks had delayed their consumers’ PPI claims due to an incoherent claims process for all banks.

Future Possibilities

The UK bank industry has yet to improve its own aggressive sales culture. With most bank employees pressured to increase financial product sales there is a large chance of PPI-scale scandals happening in the near future.

The FCA-launched bank probes halted by order of the UK government to make the UK still appealing to banks worldwide.