| Financial Regulators, PPI, PPI Refund

Reclaim PPI

The Financial Conduct Authority (FCA) has recently published data on the number of gripes reported by firms under the new rules that came into force on 30th June 2016.

The overall number of gripes reported by the firms in the last year is nearly around 3.04million. This number is considered to be higher in comparison to the last reporting periods, since under the FCA’s new rules and regulations; every gripe is now being recordedin the data.

The data has reflected the fact that under the new set of rules, every financial service firm has longer to resolve gripes less formally. The firms now have only three days so as to address the complaint to the customer’s satisfaction, which is up from the earlier next business day time limit.

FCA deems that the latest data is more informative, as it enlists the number of gripes against the size of business. It also offers a greater insight regarding the products, which the customers gripe about. This information would offer you with a betterperceptive about the areas wherein people are struggling to gain contentment.

Better transparency of gripes information will also enable the customers looking to invest or purchase products to be well informed regarding the products that have been causing concern for most of the customers.

As per Christopher Woolard, the Executive Director of Strategy and Competition, “Most of the customers want an easy way to make complain, which doesn’t burn a hole in their pocket-that is they want their concernto be treatedfairly.

The FCA had mentioned that the overall redress paid last year is somewhat around £1.9bn. But, when the payments regarding PPI is eliminated, the overall redress figures goes down to roughly around £0.3bn.

However, the recent update published by the FCA mentions that a redress of approximately £205.3m has been paid in the month of April 2017 to those consumers who had griped about the way they were actually sold Payment Protection Insurance. This has taken the total amount paid in the month of January 2011 up to £27.1bn.

The FCA provides a monthly figure on compensation and refunds made to the consumers who were mis-sold PPI. In the month of January 2017 they paid around £239.9m, followed by £235.3m in February 2017, £246.4m in the month of March 2017 and around £205.3m in April 2017.

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