Mil­lions of PPI cases to be re­opened

Sunday Express - - City& Business -

MORE than two-and-a-half mil­lion com­plaints about mis-sell­ing of pay­ment pro­tec­tion in­sur­ance (PPI) are to be re­opened to make sure cus­tomers were treated fairly.

City watch­dog the Fi­nan­cial Con­duct Au­thor­ity (FCA) said banks, credit card providers and other lenders would look again at the cases from 2012 to 2013 to check whether they were un­fairly re­jected or com­pen­sa­tion pay­outs were too low.

The FCA an­nounced the re­view in an up­date which showed that firms had han­dled 13 mil­lion PPI com­plaints since 2007 and paid back £16bil­lion since fig­ures were col­lated in 2011. Seven out of 10 claims have been up­held in con­sumers’ favour and the Fi­nan­cial Om­buds­man Ser­vices has re­ceived a mil­lion com­plaints.

FCA chief ex­ec­u­tive Martin Wheat­ley said the process was work­ing well and firms had im­proved. He added: “Mak­ing sure any­body mis-sold PPI is treated fairly now and paid re­dress where it is due is an im­por­tant step in re­build­ing trust in fi­nan­cial in­sti­tu­tions.”

The FCA said 3.2 mil­lion letters had been sent to peo­ple who were likely to have been mis-sold PPI but had yet to com­plain and a fur­ther 2 mil­lion were due to be sent in the com­ing months.

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