UK Banks Defy FSA
Several UK Banks are trying to defy the Financial Services Authority's (FSA) new regulations regarding mis-sold Payment Protection Insurance (PPI). These institutions are disputing the new guidelines that have been put in place by the FSA, relating to mis-sold PPI policies. It appears that the banks are desperate to fight off an estimated 2 billion in reclaims on mis-sold Payment Protection Insurance. The new rules could positively impact three million people who have been mis-sold the PPI insurance.
The British Bankers Association (BBA), a trade body, says most of its member's will wait to make payment, and would rather understand what comes out of a judicial review over the mis-sold PPI. The judicial review will delay the banks adopting the new guidelines laid out by the FSA. This High Court review is aiming to over-turn the FSA's guidelines.
Some of the Banks, including Nationwide Building Society, say that they won't be proactive about contacting customers who might have been mis-sold Payment Protection Insurance, but will deal with complaints as and when they are made. Only Santander has said that it will honour the regulations, as laid out by the FSA.
Contact Direct Financial Reclaim and we can help you.
We are urging customers, who might have been mis-sold a PPI policy, either through a loan or a credit card, to contact us here at Direct Financial Reclaim to assist you.
The Financial Ombudsman Service, the independent arbitrator, is still hearing complaints. You need to make your complaint with the provider of the PPI first before the Financial Ombudsman Service will hear your complaint. Only following a firm rejection by the provider, or if the issue has not been resolved or responded to within 8 weeks, can a case be put forward to the Ombudsman. An amazing eight out of ten customers who complain to the Ombudsman, on a PPI case, win! The process takes time but we are here, at Direct Financial Reclaim, to help facilitate and manage this process for you.
Send us your enquiry regarding your potentially mis-sold PPI today.
