Increased PPI Complaints Badly Hit Banks

US banking groups and credit card selling industry are dealing with troublesome situation due to increased number of PPI refund complaints.
 
June 26, 2012 - PRLog -- US banking groups and credit card selling industry are dealing with troublesome situation due to increased number of PPI refund complaints. Numerous high street UK banks were fined for false selling of PPI plans. Companies are accused for various types of PPI plans including “single premiums” that was already banned. It has been told that banks have followed this wicked act just to make profit. It is a well known factor that if there is any person facing problem of mis sold PPI plan then file claim to get compensation of your losses.

Now public are more aware and informed about the mis selling of PPI plans. Now there is provision by banks to provide compensation to those who successfully completed PPI claim process. More number of people is now aware about their losses due to unfairly selling of PPI plans.

Due to increased number of complaints regarding this context, financial ombudsman services has decided timeline for banks to solve PPI claim(http://www.ppiclaims.uk.com/) disputes. If any victim files a claim to receive compensation then banks must have to replay within maximum of eight weeks. Lloyds TSB, Barclays, HSBC and RBS are worst heated banks for providing compensation to victims. Total number of claims has risen to above 200000 in 2011 that was just 95000 at the end of 2010. This figure indicates about the seriousness of PPI cases.

Financial experts have also illustrated that banks are going to face twin problems due to such mischief. First thing is that they will need to allocate a big part of their profit to settle mis sold PPI claims(http://www.ppiclaims.uk.com/mis-sold-ppi/). Second thing is that they are not going to earn any more profit with selling of PPI plans. This will adversely affect future profit of banking institutions. All these things together are creating a bad situation for banks.
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