PPI News – Barclays To Settle PPI Complaints
It was reported that British Banks have pledged to settle on-hold PPI complaints to their consumers.
The bank revealed that it will pay out on all PPI mis-selling claims – which is in line with most other banks caught up in the biggest consumer fiasco of mis-sellings by banks – pending the result of the Judicial hearing earlier in 2011.
The banks have pledged to pay the full amount to all of its customers’ payment protection insurance (PPI) claims that were put on hold during the Judicial proceedings. The bank has set aside 1 billion lbs to pay on these claims. Other banks in the industry will get extensions to make these payments as there have been so many filed, and due to the proceedings, these claims were put on hold. Now that all banks have decided not to appeal the holding of the higher courts, consumers can expect to be getting their refunds fairly quickly. Although the extension allows for up to 16 weeks on payments, consumers will get their money back from mis-sellings in PPI insurance claims.
PPI News – Lloyds Says Sorry For PPI Mis-selling
The UK’s largest PPI seller, with an estimated 40% market share, admits some of its sales processes were flawed and concedes it didn’t always treat consumer complainants fairly in the past. Lloyds said they will recruit and train 500 staff to handle complaints and it will listen to complaints it previously rejected.Lloyds has made a complete reversal of past policies and has already set aside £3.2bn to pay PPI claims.
Lloyds and most other banks sat on claims while waiting for the result of a failed judicial review which turned away banks who tried to overturn the Financial Services Authority rules that force banks to contact those who were mis-sold PPI’s,even if that person has yet to file a claim themselves. Victims should not delay getting their complaint in as banks won’t contact everyone mis-sold PPI. Lloyds acknowledged that there are cases where they could have been clearer in the sales processes and as a result they didn’t meet their own standards. Lloyds said for that they are extremely sorry if people have a cause for complaint.
If any customers that have a complaint are awaiting a response from these banks the banks say there is no need for them to do anything. But if I were you I would continue to write and call them. There is a huge backlog of PPI cases and like all things in life if you keep reminding them, you are more likely to be seen and heard sooner.