Banks Still Squaring Up To FSA Over Payment Protection Insurance Point Of Sale Ban

Nov. 2, 2010 - PRLog -- Despite recent change in regulations, the British Banking Association (BBA) appears set to continue to fight the Financial Services Authority’s (FSA) decision to forbid the point of sale of payment protection insurance (PPI).

Leading high street bank, Lloyds Banking Group, has responded to the FSA’s ruling by stating that they would be suspending the processing of claims impacted by the new policy. As a collective, the BBA are also launching a legal review of the new policy and it would seem that the banking and financial sector will continue in earnest to make the claiming of mis-sold PPI as problematic as possible.

PPI Return http://www.ppireturn.co.uk is acutely aware of the lengths the financial sector will go to avoid paying back consumers who were mis-sold PPI. PPI Return have heard from clients who are being given blanket refusals or token ‘goodwill’ gestures to try and dissuade them from making a full claim. In the case of blanket refusals, it appears that the financial sector is trying to buy themselves more time or initially deter individuals from making claims. Where the goodwill gesture is made, the payment is significantly below the eligible amount and again aims to deter the individual from making a full claim.

While there is no empirical demographic affected by PPI mis-selling, those most impacted by PPI and most likely to be eligible include:-

•   Self employed. As a self employed contributor to PPI there is a high chance that the cover would have been ineffective.

•   The retired or those approaching retirement. With no income or a declining income you would not have been covered.

•   Anyone affected by long term illness. The terms and conditions of PPI would have excluded you from cover.

•   Those were told it was compulsory or were not given the choice to shop around for alternative cover.

These are a few of the cases where PPI cover would have been ineffective, and the financial sector would have known that PPI was not going to provide cover. Limited training for sales staff and the bonus culture, often pushed the sale of PPI before considering if it was being mis-sold.

PPI Return http://www.ppireturn.co.uk would like to hear from anyone who believes they may have been mis-sold PPI. The Company have a very quick assessment process that will clearly indicate whether a PPI claim can be made.

ABOUT PPI RETURN – PPI CLAIM SPECIALISTS

PPI Return http://www.ppireturn.co.uk is one of the UK’s leading PPI claims law firms with a wealth of experience and highly qualified legal advisors.

PPI Return is dedicated exclusively to helping clients regain mis-sold Payment Protection Insurance (PPI) payments. There are many thousands of people in the UK who were either mis-sold PPI or not informed of how the PPI worked when taking out loans. PPI Return works to correct this wrong doing and works on a highly competitive fee basis. PPI Return provides an online ’60 Second Test’ where you can quickly assess if you are entitled to make a claim for mis-sold PPI in addition to Web Chat with PPI Claim specialists.

CONTACT

PPI Return
Mersey Chambers
5 Old Churchyard
Liverpool
L2 8GW
Tel:  0800 877 8888
info@ppireturn.co.uk  
http://www.ppireturn.co.uk

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PPI Return is one of the UK’s leading PPI claims law firms with a wealth of experience and highly qualified legal advisors.