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Years before PPI scandal is over, says Financial Ombudsman


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It will be years before the Payment Protection Insurance (PPI) mis-selling scandal is over, according to the chief financial ombudsman, Caroline Wayman.

 

 

Complaints about the behaviour of banks and credit card companies who mis-sold PPI are still running at 4,000 a week, she said.

 

 

However at the peak of the scandal in 2012 there were 12,000 complaints a week.

Banks alone are now thought to have paid out around £22bn in compensation.

In total, the Financial Ombudsman has dealt with 1.25m complaints - and that does not include complaints made directly to banks and credit card companies.

 

 

_80086244_photo-carolinewayman-1.jpg Caroline Wayman said the total number of complaints was starting to stabilise

 

 

Extra staff "Although numbers are slowly declining, it will be years before we can truly say this mis-selling scandal is over," said Ms Wayman.

However she said that the total number of complaints sent to the Financial Ombudsman was "starting to stabilise".

 

 

Nevertheless the Financial Ombudsman service is to recruit a further 200 staff as adjudicators and ombudsmen.

 

 

It has already doubled in size to 4,000 staff, to handle the surge of PPI complaints.

The scandal stretches back to the 1990s.

Over that period millions of customers were mis-sold insurance policies to protect themselves against falling ill or losing their jobs.

 

 

The policies would pay off any outstanding loans, such as credit card bills or mortgages.

However many people did not need the policies in the first place, and many were unaware they were paying for them.

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I think the financial institutions involved are still trying to get the FCA to set an "end date" aren't they ?

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they need to tighten the rules too.

 

 

there are numerous cases appearing now

whereby the banks or whomever complained against

are simply buffing off complaints by stating

'it was a non-advised sale'

and getting away with it and ignoring any further letters

no matter what reasons are put forwards that the PPI was mis-sold.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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I think the financial institutions involved are still trying to get the FCA to set an "end date" aren't they ?

 

That could backfire.

 

Such a move would cause more publicity. Claims Management Companies would go into hyperdrive. Complaints would sky rocket. The result would be another mountain of cases at the Ombudsman - just as they had after the Judicial Review.

 

That isn't good for the financial institutions or their customers.

 

It is better for the financial institutions to leave it as is. Many have sent out letters to their customers explaining that there may have been an issue in the sale of PPI. Give it three years and those complaints are time barred. Then it is just a matter of hoping the surge will slow down and eventually become a trickle...

Warning: Freemen of the Land Operate here. Think twice before accepting 'legal advice'.

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and they should get shot of the 2005 'cut of date' for some claims.

 
 

Any advice I give is honest and in good faith.:)

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and they should get shot of the 2005 'cut of date' for some claims.

 

That wont happen. I would think you would need a change in the law... it it would be rather unfair.

Warning: Freemen of the Land Operate here. Think twice before accepting 'legal advice'.

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That wont happen. I would think you would need a change in the law... it it would be rather unfair.

 

I'm keeping my fingers crossed :)

 

A couple of my claims were from 2004, CEO of the company says they are still taking legal advice on this one.

 

Still think they are giving me 'flannel' but you never know, they could just have told me to 'sling it' a while ago.

 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

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That could backfire.

 

Such a move would cause more publicity. Claims Management Companies would go into hyperdrive. Complaints would sky rocket. The result would be another mountain of cases at the Ombudsman - just as they had after the Judicial Review.

 

That isn't good for the financial institutions or their customers.

 

It is better for the financial institutions to leave it as is. Many have sent out letters to their customers explaining that there may have been an issue in the sale of PPI. Give it three years and those complaints are time barred. Then it is just a matter of hoping the surge will slow down and eventually become a trickle...

 

Nail>>>>head

 

Nearly all of the main banks have withdrawn from ongoing negotiations with the FCA about this issue and the above is why.

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That wont happen. I would think you would need a change in the law... it it would be rather unfair.

 

It would need not just a change in the law but a retrospective one. Which is, in itself, illegal. Hence why it's never going to happen.

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there has already been several examples whereby this

'we wrote to you 3yrs ago, tough luck its now out of time'

response from a creditor regarding a PPI claim has been proved flawed.

 

 

the creditors are required under the FCA PPI CCL guidance notes

to take all reasonable steps to attain the correct address

this includes looking at credit files.

 

 

there are many cases that show they obv did not and their refusals were rejected.

 

 

keep you eyes open everyone.

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

there has already been several examples whereby this

'we wrote to you 3yrs ago, tough luck its now out of time'

response from a creditor regarding a PPI claim has been proved flawed.

 

 

the creditors are required under the FCA PPI CCL guidance notes

to take all reasonable steps to attain the correct address

this includes looking at credit files.

 

 

there are many cases that show they obv did not and their refusals were rejected.

 

 

keep you eyes open everyone.

 

 

dx

 

Agreed, most don't help themselves by failing to use recorded delivery for one. If the intended recipient can show they were living at another address at the time then the argument will fail. However, the FCA/FOS will not accept the generic "publicity" argument as a reason to timebar. Hence, a personalised letter is the most practical alternative.

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As I keep saying, it is a different matter when they owe YOU money, they don't 'dilligently search' for you and try to pay the minimum. If you owed one of THEM money it would be a different matter.

 

PPI is not and never has been a case of anyone "owing" anyone money. It is not some kind of contractual arrangement whereby they are obliged to pay money to people as is the repayment of a loan. The customer contact letters are about advising people of their right to raise a complaint if they feel there was wrongdoing, which will then be investigated on its own merits.

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