| Banks, Financial Regulators, PPI, PPI Refund, PPI Scandal

ppi bank complaints

A tremendous increase in the number of cases has been witnessed in the recent years by ombudsman in relation to mis-sold PPI policies. An increase of 13% has been experienced in the past few years.

Approximately, two thirds of the complaints were accounted for ten firms in the first six months of this year.

Statistics show that the Bank of Scotland and the Halifax are two financial institutions that top this list. There are more than 20,550 gripes to the FOS from these institutions. Further, Lloyds Bank has 18,068 gripes under Financial Ombudsman Service.

Other financial institutions which have come under the top ten radar comprises of Barclays, HSBC, Capital One, Financial Insurance Company (part of AXA), Santander, NatWest, Lloyds owned by MBNA and Nationwide Building society.

There were approximately 170,000 complaints made from January to June and around 103,000 belonged to the companies mentioned above. Additionally, there were combined complaints for 235 firms. There was a sudden increase of caseloads with complaints in possibly every possible arena.

 

Top ten complaints to the FOS

There were numerous complaints that cropped up during this period. There were issues about car finance and other hire purchase as well.

The percentage of these issues kept on increasing and was raised by 22 percentile.

Of all the issues payment protection insurance stands out as majority of the complaints are made related to it. Around 90,000 fresh cases came into sight with financial institutions like Bank of Scotland, Lloyds, Barclays, HSBC, Capital Bank and many more.

With the declaration of a deadline and the deadline approaching nearer more and more victims are approaching FOS to lodge their complaints. As of now the deadline has been announced to be in August 2019.  Financial Ombudsman Services takes into account cases which have been rejected by other service providers.  Adding to it is the recent advertising campaign which FOS has invested in and planned to be on floors soon.

This advertising campaign aims to increase awareness about mis-sold PPI policies and how the victims can claim for a refund by following the correct legal procedure.

 

Have I paid PPI?

Until and unless you file a complaint for mis-sold PPI policy you cannot acquire your compensation. You cannot obtain your PPI refund automatically.  There are innumerable people who have been mis-sold a PPI policy along with loans, credit cards and mortgage. Even today, there are individuals who aren’t aware that they are victims of this mis-selling circuit.

There are a number of instances wherein credit card companies have accused individuals in debt of exceeding their card limits. If you find yourself of being a target of such a situation you can check all your bank and payment details. These details may help you to trace your spending and give you the real picture.

Possibly collect strong proof which proves that you are not in debt and are a victim of a ploy made by that particular institution.

 

To earn compensation

There are reputable and reliable companies that can guide you in following the right procedure.  You can get the entire process started by using our free PPI check. The only way you will know for certain that you are due a refund if by first verifying that you have indeed been mis-sold a PPI policy in the first place.

Check now for FREE
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