The Financial Conduct Authority recently announced the results of its investigation regarding banks and financial companies and their PPI claims centres. Out of 18 financial companies, 12 are due for enforcement adjustments and one might even be fined for their ineffectiveness in resolving cases.
The FCA pointed out that many of the claims centres disregard the inclusions and exclusions of many PPI policies, consumer circumstances during the time the PPI was purchased, the extent and cost of the cover and the explanations told to consumers waiting results for their PPI claim.
PPI is an insurance product designed to repay loans and mortgages but because of the way it was sold, customers could not make use of their insurance. A PPI compensation calculator is helpful for people wanting to know the total estimate of their refund.
The FCA investigation began after the Financial Ombudsman reported that it received a huge increase in PPI complaints with a total of more than 266,000 PPI complaints. According to the FOS, at least eight of ten claims were in favour of customers. Chief Ombudsman Natalie Ceeney said she is still disappointed many banks haven’t adopted the FOS method in handling PPI claims.
For any difficulty you might have in making claims, you could entrust your PPI claim to claims management companies such as PPI Calculator Co under a no win no fee basis. Visit www.ppicalculatorco.co.uk here for more information on PPI claiming.