Uswitch comments on the introduction of a deadline for PPI complaints

Thomas Lyon, money expert at Uswitch.com, says: “Since the start of this scandal, the burden has been on consumers to speak to their banks if they believe they’d been mis-sold a PPI policy. By introducing a deadline and launching an awareness campaign, the Financial Conduct Authority (FCA) is still expecting consumers to bear the brunt of the hard work when it comes to claiming the compensation they are owed.

“By putting the onus on consumers, our research shows that a third are likely to turn to claims managers rather than lodging a complaint directly with their bank. This means that consumers face being ripped off to the tune of up to 40% when the claims manager takes a large chunk of any cash they are awarded, for doing little more than sending a letter. To help empower consumers to take their complaint directly to the bank, and avoid the extortionate fees which claims managers charge, the complaints process needs to be as straightforward as possible.

“For consumers who don’t know if they took out a PPI policy this is the time to find out. Contact your bank – they should be able to tell you if you’ve been mis-sold a PPI policy. If you are still unsure, check your credit report – it will list any loans or credit cards that you’ve had within the last six years, even if they’re now closed.

“If you are unhappy with the response from your bank, or have not heard back from them, contact the Financial Ombudsman Service. They will be able to look into your complaint for free and, if successful, you will keep all of the compensation you are awarded.”

Find out how you could save over £1,000 a year with Uswitch here.

FOR MORE INFORMATION

Rory Stoves

Phone: 020 3872 5613

Email: rory.stoves@uswitch.com

Twitter: @UswitchPR

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