The Financial Conduct Authority expressed its disappointment with the UK banking industry as their investigation revealed that 12 UK banks did not live up to their PPI claims handling standard. The following banks failed in many aspects, according to the city watchdog.
The FCA said that one of the 12 banks could face enforcement action later this year while the others might face fines for customer delays.
PPI was deliberately mis sold by banks to many UK consumers who did not need it or were ineligible for it. Anybody with a mis sold PPI should click here for more information regarding the insurance.
Numbers from the Financial Ombudsman also support the FCA’s investigation results. The FOS received a 26% increase in PPI complaints with 226,238 during the last two quarters of 2013. Financial Ombudsman Chief Natalie Ceeney said banks are still dragging their feet in redressing consumers. She said that banks also failed to follow the example set by the FOS in dealing with PPI claims.
The FOS earns £900 for every mis sold PPI claim from banks. With a standard complaint fee of £600, the FOS recently charged £300 for PPI complaints as it increased its manpower by 1,000 in the last year.
If you’re mis sold PPI and you do not have time to claim for redress, you could use a PPI calculator company to help you get started on your PPI claim.