Payment Protection Insurance Judicial Review
The British Banker’s Association (BBA) to asked the Courts to review rules which were published by the Financial Services Authority (FSA) for complaints relating to PPI sales. The BBA also asked the Courts to review guidance set out by the Financial Ombudsman Service (FOS) on how to deal with PPI complaints. This all took place in October 2012.
Less than a year later a number of major high street brands announced that they would no longer be taking part in the BBA’s Judicial Review. This is when the mis-selling of PPI became an issue for millions of UK consumers who have ever bought credit – Loans, Credit Cards, Mortgage etc. The BBA then decided that it would not appeal the Court’s decision that the rules as outlined by the Financial Services Authority (FSA) should be implemented in full.
FSA Policy Statement
The FSA Policy Statement (PS 10/12) was aimed at firms who mis-sold PPI, to consumers who were mis-sold PPI and to 3rd parties who represent the consumers (us). The FSA outlined numerous flaws across the industry in practises conducted when selling PPI which was likely to cause a significant number of consumers (including you!). It also discussed how poorly the industry (banks, credit cards companies and mortgage lenders for example) handles its mis-sold PPI complaints. It was aimed to ensure that lenders handled their mis-sold PPI complaints better. Rencently a number of high street lenders have been told that they did not review their complaints properly, meaning that people who had previously been rejected a PPI claim, may in fact be due a refund. If you have already had a claim declined we can help you get a refund.
What Does This Mean For Me?
This means that if you have ever bought a PPI policy, you may have been mis-sold it. If you have been mis-sold PPI you could be owed £1,000’s as the major high street banks have already set aside over £10 BILLION.
If you have already has a claim for mis-sold PPI declined, simply fill out our simple form and we will reinvestigate your complaint. Click here for our PPI Claim Form.