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Recent News
Banks STILL won’t pay up on insurance mis-selling to thousands of borrowers
Hundreds of thousands of borrowers mis-sold worthless loans insurance are facing an agonising wait of more than a year before their complaint is investigated.
Up to two million people may have been mis-sold payment- protection insurance. Of these, 192,894 complaints have reached independent disputes arbitrator the Financial Ombudsman Service since 2005.
Banks block PPI claims, as D-Day looms
Judgment in the court case over complaints about payment protection insurance is expected shortly. But whatever the outcome, victims are still expected to face a struggle to get refunds.
PPI policies were mis-sold in their millions, mainly alongside personal loans, with banks being the biggest culprits as they chased the vast profits built into the deals.
FOS funding nears crisis point; Levy hike looms
The FOS must make a final decision on the level of its reserves this month, as firms’ continued refusal to pay fees linked to payment protection insurance (PPI) cases look set to exhaust funds and force levies to rise by as much as 25%.
The Ombudsman warned in January the decision among some firms, including large high street banks, not to pay up when receiving an unfavourable ruling over PPI could cripple it “in six weeks”.
Simple products ‘need baseline standards and govt approval’
Simple protection products need baseline standards and a goverment recognised stamp of approval, according to the chairman of trade body Protect.
These should be twinned with the publishing of complaints and claims statistics and incentives to encourage people to take out personal protection, Steve Divine believes.
Payment protection insurance: if you really want it, where do you go?
As new rules by the FSA come into force, the industry is dealing with £2bn-worth of mis-selling claims. So if you need cover get the very best advice.