November 21st, 2013
Following the Financial Ombudsman’s receipt of its one millionth PPI claim, four-year Chief Ombudsman Natalie Ceeney had resigned from her position. According to Nicholas Montagu, Chairman of the Financial Ombudsman, Ceeney felt that it was time to move on from the Financial Ombudsman and into a new career.
Deputy Chief Ombudsman Tony Boorman will replace her position indefinitely as the Chief of the office.
Natalie Ceeney said that she enjoyed her time working in the Financial Ombudsman and while her reasons for leaving are personal, she is very proud of the social and economic changes the FOS had brought to helping UK consumers and banks ensure their healthy relationship.
Ceeney had spent her last four years in the Financial Ombudsman dealing with the peak of mis sold PPI claims. The Financial Ombudsman had received a total of 210,000 PPI complaints in the last half of 2012, which was overtaken by the previous half of 2013, garnering a total of 265,000 complaints.
PPI is designed to repay loans, mortgages and credit cards, but because of the mis selling performed by banks due to improper incentives to increase work volume, many ineligible consumers had an insurance they did not need. On average, a consumer could reclaim £3000-3500 from a single PPI refund.
Categories: Finance |
Tags: claims, compensation, ppi, ppi complaints | No Comments
October 14th, 2013
The Financial Ombudsman marks its largest acquisition of bank-rejected PPI complaints in the last two quarters of 2013. Around 266,388 bank-rejected PPI complaints increased the PPI complaints the FOS receives by 26%. Financial Ombudsman Chief Natalie Ceeney said that it was disappointing to see banks continue to ignore the example set by the FOS in handling PPI complaints.
The city watchdog recently conducted its own investigation and found that out of 18 banks 12 were due for enforcement action and they could also fine the financial companies for unnecessarily delaying consumer PPI claims.
You are mis sold PPI if you believed it increased your likelihood for loan application success or if you were already excluded from its provisions upon the time you purchased it. You could know the entire amount of compensation you have by using a PPI calculator from claims management companies.
The Financial Conduct Authority said the 12 banks due for enforcement failed to consider the consumer’s circumstances during the time they were purchasing PPI, the exclusions of the insurance’s terms and conditions and the lack of a proper explanation for consumer delays.
According to the Financial Ombudsman, some banks and financial companies are seeing the positive effects of addressing claims early. Experts said that should banks eagerly comply with the refunding of consumer claims, the PPI compensation bill could move to a standstill upon reaching £13 billion. Currently, £12 billion is earmarked for compensating consumers from the entire UK banking industry.
If you were mis sold PPI and you need legal help and advice, do not hesitate to work with a PPI calculator UK claims companies can provide you.
Categories: Finance |
Tags: claims, complaints, Finance, ppi, ppi compensation claims, uk | No Comments
May 18th, 2013
While the payment protection insurance (PPI) saga is still very much in the public eye the Financial Conduct Authority (FCA) has reported a fall in claims over the second half of 2012. Around 2.1million claims were made during the period, a small drop from the 2.2million reported in the first half of the year. However, such statistics may be misleading as both are higher than figuresreported for 2011.
PPI has become a hot topic in the consumer finance sector and is just one of the many problems experienced in recent years by the UK banking industry. Further interesting reports suggest that almost two thirds of all complaints about banks and financial institutions are concerned with PPI. The banks are now pushing for a deadline to be introduced – of April 2014 – by which all complaints must be filed. The authorities have not yet agreed to such a move, but are known to be considering their options. Some banks fear that the imposition of such a deadline would lead only to an influx of further claims from those who have not decided to claim.
It is estimated that PPI compensation will total some £15billion by the time all claims have been settled, a figure that has had a serious effect on the banking industries profit and loss accounts. The current average payment to claimants is around £3000. Many claimants have been using an online PPI calculator to find out how much they may be owed, and these can be very helpful if someone is not sure whether or not they can claim.
Public Losing Confidence
It is safe to say that, deadline or not, the extra publicity that the subject of PPI claims has received thanks to the banks being told they must pay up will lead to more people putting in claims for compensation for mis sold policies, and this can only be a good thing for the consumer. With banks setting aside billions of pounds to cover the cost of repayment there are plenty more claims to be settled, and the scandal has left the public even less confident in the safety and honesty of the banks in the UK.
Categories: Finance |
February 11th, 2013
Britain industry heavyweight Barclays last week pledged £600 million to the continually increasing PPI compensation package. Experts estimate the package to be at £13 billion in total with Lloyds, HSBC, RBS, Barclays and other banks who mis sold PPI contributing to the compensation package early this year.
Barclays provisioned the additional amount because it was slowly running out of compensation for successful claimants and is contending with its million-pound fine imposed by the US and UK regulators concerning the Libor scandal. Currently, Barclays has contributed more than £3 billion for compensating customers mis sold PPI.
Lloyds is currently the biggest contributor to the compensation package with £5.3 billion followed by Barclays. RBS currently has £2.3 billion and HSBC has contributed £1.3 billion for mis sold PPI.
Experts and financial analysts foresee that the compensation package can rise up to £25 billion this year making it the most expensive financial scandal in the United Kingdom. The British Banking Association proposed a deadline to the Financial Services Authority, which the latter refused to consider with great concern over consumer rights.
The banking industry made PPI a central tenet of profit generation during the UK “insurance boom”, where experts estimate that 3.2 million customers were mis sold at least one or two payment protection insurance claims.
Categories: Finance |
Tags: barclays, mis sold PPI, news, payment protection insurance, ppi, PPI claims | No Comments
January 22nd, 2013
Experts see that payment protection insurance is the biggest financial scandal the United Kingdom has faced since the pensions scandal but all UK citizens have the right to file a PPI claim to claim their repayments. However, claimants need to be extra careful when processing their PPI claims ; most PPI claims are rejected by banks even if they are valid and if the Financial Ombudsman can’t help you, you are wasting precious time. Here are the common mistakes that most claimants make with their claims.
1. Not Everyone Has a Problem With It
Some customers want to make a claim for their payment protection insurance policy not knowing if they are or are not eligible for the insurance at all. In all cases, virtually everyone in the UK with a loan, mortgage or credit card were mis sold PPI, but there is a slim chance that you are eligible for the insurance. It is advised that you look through the terms and conditions of the contract and if it applies to you.
2. Filing In the Wrong Channels
Some people file their PPI claims directly to the Financial Ombudsman, which is a proper channel, however, experts advise that claimants claim directly from the bank first. It would be faster if the bank actually verifies the claim’s validity and details first before filing with the Financial Ombudsman. Even if banks reject even valid claims and 7 out of 10 claims coming in the FOS are valid, it would be best to alert them that you’ve made your claim and were rejected even if it was valid.
3. Missing Some Requirements
A PPI claims form is an important part of your claim and this should be the first thing that you fulfil before making a claim. Banks can easily reject a simple letter of claiming complete with evidences, but an FOS claims form with a serial number banks cannot easily ignore. If you pass your PPI claim form to the banks first before the FOS, you have a great chance of success.
Categories: Finance |
Tags: claim, Finance, insurance, ppi claim, PPI claims, ppi compensation claim | No Comments
January 20th, 2013
You might think that hiring a no win no fee claims solicitor is actually expensive, but, no, it isn’t. Claims management companies offer customers a no win no fee basis of service; this means that customers do not have any responsibility to pay for their legal fees if the case is lost. So would you consider hiring a solicitor? Here are some other advantages.
Claims experts are professionals you could depend on knowing the legal premises of your compensation claim. A personal injury claim could cause small trouble for victims especially if insurance companies continue to reiterate the limits of their responsibility. A claims expert’s legal knowledge comes in handy by considering all details to ensure complete compensation.
You actually do not have to do anything at all to get your compensation. The claims expert will be the one to manage your entire claim, paperwork, analysis and all the compensation you could get. You are guaranteed they are doing their best, given that they do not receive anything upon failing your claim. See NoWinNoFeeCo.co.uk to find out more about this.
However, you need to ensure you could trust your no win no fee claims expert with confidential information regarding your compensation claim. They are not miracle workers. By presenting your medical data, insurance company data and other evidences to prove your no win no fee claim is viable, then you can help them work faster for you as well.
Categories: Accident Claims, Finance |
Tags: accident claims, compensation claims, insurance claims, personal injury, personal injury claims | No Comments
October 15th, 2012
Financial problems aren’t new to any country, business and individual but they come and go. The United Kingdom, the home of the banking industries worldwide, are now having problems of their own with regards to financial practices. Decades-old financial systems are now showing signs of breakdown and incurring consumer wrath. Here are a few of the UK’s biggest financial problems to date.
1. The PPI Problem
If you’re from the UK and you don’t know about PPI reclaim, then better click that link provided. PPI has become notorious throughout the United Kingdom because of the manner it was mis sold by financial advisers, who were chasing after huge bonuses in selling the insurances. After the High Court of the country decided in favor of customers for repaying all the customers who can’t make a claim for the insurance, the numbers from 2011 surged 150% to 2.2 million in six months in 2012. The UK Consumer Group Which? CEO Peter Vicary-Smith was astounded, stating that it is “the biggest financialscandal in the United Kingdom”.
2. Libor Rates
Libor, or the London InterBank Offered Rate, has become controversial this year as it was found that some high street banks, such as Barclays and RBS, have been found to rig the rates for their trader’s personal purposes. Libor is actually the guideline of every bank in the world as it determines the amount of money banks can borrow from each other. The exchange rate’s market amounts to trillions of pounds, which makes it quite one of the most expensive financial scandals to date.
3. 2007-2009 Depression
The United Kingdom itself fell from its economic pedestal and was slumped during 2007 and 2009. Taxpayer money bailed out many of the high street banks of the United Kingdom. The Financial Services Authority of the United Kingdom stated that it “reacted as it should”, but wasn’t able to perform pre-crisis management properly. The money involved were millions of pounds. Makes you think how did the UK manage to still host the Olympics and the Paralympics this year.
Categories: Finance |
Tags: claim back PPI, ppi, PPI claims, ppi reclaim | No Comments
July 23rd, 2012
Consumer group Which? recently announced their success in having banks and PPI providers allow customers to reclaim PPI repayments directly from the bank’s or provider’s establishments through a correspondence letter. Efforts to simplify the PPI claims process is further accelerated by the Financial Services Authority (FSA) calling on all banks to contact customers potentially mis sold PPI as there are 10.8 million UK citizens who have not yet made their claims.
Customers initially purchased PPI as per the advice of their financial advisers. Commission-based financial advisers, such as insurance brokers, bank representatives and the like, usually mislead customers to purchase more insurances they don’t actually need. In the case of PPI, customers were ineligible for the insurance’s requirements. PPI requires customers to be healthy and employed upon purchase and for a set period of time before they can receive their benefits.
The simplified PPI claims process was not as simple as it was in the previous years. PPI claims were instantly rejected by banks. The complaints from customers urged the FSA to establish new claims guidelines to help customers. Banks legally challenged the guidelines in 2010, which they conceded in 2011 as court favor was won by the FSA. The new claism guidelines, added with the success of Which? in their efforts to make a new simplified claiming process, ensures that all UK citizens will earn their rightful compensation.
Nowadays, it might be easier to make a claim, but experts warn that banks might take advantage of the situation. Banks might not consider all legal details of the claim and might only provide a lump-sum repayment for customers. It is highly advised that customers visit www.ppiclaimsco.org.uk to help them make a better claim that will guarantee they will receive all the repayments they deserve.
Categories: Finance |
Tags: claim back PPI, Finance, mis sold PPI, PPI claims, ppi reclaim, PPI refunds, reclaiming PPI | No Comments
June 25th, 2012
As of the year 2012, millions of UK citizens have reclaimed thousands to ten thousands of pounds of repayments from their mis sold PPI. The Financial Services Authority (FSA) discovered the mis selling of PPI in 2005. Upon establishing the new claims guidelines, they have guaranteed a £4.3 billion compensation package from the banks to be given for all customers mis sold PPI in the United Kingdom. If you haven’t already made a claim, you might be one of the 10.8 million who are urged to file a ppi claim as soon as possible.
PPI or payment protection insurance is an insurance policy designed to provide 12 months of loan repayment for customers who find themselves in financial trouble. Financial trouble can be caused by having to put off work to recover from sicknesses or accidents, or in the event you find yourself unemployed. The PPI can only provide these benefits as long as the customer purchased the insurance in perfect health and having a stable employment.
It is due to the mis selling tactics of commission-based insurance brokers that many UK citizens were mis sold PPI. Given that most customers trust their insurance brokers, bank representatives and financial advisers, this trust was played by bank representatives. After urging the customers by logically indicating the PPI’s benefits to their financial status, the customers agree completely. However, the financial advisers fail to advise about the requirements of PPI and if their customer is within the claiming age of the insurance.
If you have any questions with regards to making claims, it is advised that you seek the help of claims experts such as http://www.ppiclaimsco.org. Claims experts have the knowledge and skill to help you make your claim a success. You can have a free consultation with them, or have them make the entire claim under a no win no fee basis.
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Tags: claim back PPI, ppi, ppi reclaim, PPI refunds | No Comments