In yet another news headline that the banks would rather have kept quiet, it seems that 2.5 million PPI complaints are likely to be reopened on the orders of the Financial Conduct Authority (FCA), thanks to claims of underpayment and compensation rejection. Cases in 2012 and 2013 are the ones under scrutiny, with banks and card companies again accused of misconduct as the PPI compensation scandal rolls on.
This latest batch of claims will come indirectly from PPI mis-selling in some ways, as it will focus on consumers who have already claimed but have not received the compensation they deserve. The pressure from the FCA comes of the back of a BBC investigation held in June this year, which highlighted the unfairness that some consumers had been faced with.
As we all know, PPI (Payment Protection Insurance) has been widely mis-sold for some time. The first complaints began in 2007, with 13 million having been handled by financial firms in the UK since. £24 billion has already been claimed by consumers in compensation, a figure that many expect to rise even further with the extra measures being taken and the estimated 2.5 million cases to be reopened.
The reason for this redress, according to the FCA, is to help rebuild trust in the financial sector, and make sure that those treated unfairly are compensated accordingly. It hasn’t been a simple process, with landmark cases such as the Plevin vs Paragon case in 2014 creating more opportunity for consumers to regain their money.
Although complaints are being readdressed for the 2012 and 2013 cases, there has been an improvement in complaint handling in recent times, with 7/10 claims cases for mis-selling of PPI upheld in the consumer’s favour. Figures of complaints are starting to drop now, but that doesn’t mean that claims can’t still be made and that there isn’t potential mis-selling compensation available if you haven’t claimed already.
At Enjay Claims we are experienced in the process of making a claim against the big financial organisations, and winning cases for our clients. Whether you have already claimed but feel that you were treated unfairly, or are looking to make a claim for the very first time, speaking to our team at Enjay Claims is the first step towards regaining what is rightfully yours. Simply call our Freephone 0800 612 7958 today for expert guidance and advice on how to reclaim your compensation from PPI mis-selling.