Effective handling of the PPI remediation crisis

Aug. 25, 2011 - PRLog -- Millions of bank customers in the UK are set to share in the country's biggest compensation payout in years, after the financial services industry finally gave up the legal fight over the alleged mis-selling of loan insurance products. In the final twist of what was beginning to feel like a never-ending saga, the High Court dismissed an appeal against regulatory changes that would force retail banks to refund past policies worth billions.

The next step will be for banks to begin the painstaking, not to mention time-consuming, effort of handling an enormous backlog of complaints, establishing where remedial action is required. In the weeks immediately after the conclusive High Court ruling, banks quickly began unveiling their plans. Barclays announced that it would pay out compensation to all customers who believe they were mis-sold loan insurance and whose complaints are currently on hold.

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