From the category archives:
The banking industry has given up their legal fight over the mis-selling of payment protection insurance (PPI) and will not be appealing the Judicial Review they lost on 20th April 2011. The British Bankers Association (BBA) has stated they do not intend to appeal after losing the court challenge, meaning that the new rules on [...]
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After several years of investigation by the Office of Fair Trading, Competition Commission and the FSA, the regulator announced in August a firm crackdown on the way banks have been dealing with complaints about mis-sold PPI policies.
It stipulated, among other things, that banks and other lenders will have to review old complaints about the mis-selling [...]
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We have seen so many companies in recent months spring up in the business of PPI promising to reclaim miss sold payment protection insurance policies.
Having been involved in this industry for many years we always find it of great interest to understand the problems associated with over selling these services, giving customers unrealistic and [...]
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185,000 previously rejected complaints against mis-sold payment protection insurance (PPI) are to be re-opened under new guidance from the City Watchdog.
The FSA will ask sellers of PPI to write to all holders of policies bought since 2007 in order to give them a chance to complain and potentially have their money refunded.
The reason behind this [...]
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Whenever a lender enters into an arrangement with a borrower they have an obligation to offer best advice to their client. This is a duty of care or fiduciary duty. It dictates that the lender must act in the best interest of the client and be open and transparent in all dealings with the client [...]
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Many competing companies pursue the recovery of PPI premiums for ‘misselling’. This is a broad term which identifies customers who have been wrongfully sold the insurance and will never be able to claim.
There are a few broad categories for misselling.
Medically Exempt. All those with pre-existing conditions will find it nearly impossible to claim. Anyone [...]
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There are two types of PPI policy offered.
Monthly premiums. These policies are separate from the loan, paid on a monthly basis and paid by a separate direct debit. These policies can be cancelled, increased or decreased at any time to reflect the personal circumstances of the borrower and there is no interest added to the [...]
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Alistair Darling has proposed tougher new reforms to the financial system specifically targeting UK banks. Stricter regulations will be introduced with a view to giving the customer much greater consumer protection.
In a statement to the House of Commons, Alistair Darling said the financial system needed to ensure robust regulation, and banks and financial institutions should [...]
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Payment Protection insurance (PPI) is often mis-sold as a result of greedy financial services looking to make an easy and tidy profit. PPI is usually sold by financial institutions such as banks, money lenders, car finance companies, Credit Card companies and the like. PPI has been a profitable business for some time now and only [...]
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