The FCA (Financial Conduct Authority) revealed recently that they are 'constantly' receiving requests from the Banks to impose a PPI claims deadline in order to draw a close to the PPI mis-selling saga. And it's little wonder that the banks want to see the back of PPI claims... according to a recent newspaper article, the number of PPI claims being submitted has not even reached its peak yet, depsite more than £13 BILLION already having been paid out!
According to the respected UK newspaper The Telegraph it has been reported that PPI claims are likely to 'carry on for years' due to the immense size of the clean-up operation currently being undertaken. PPI was a form of insurance (Payment Protection Insurance) that was so widely mis-sold that it is estimated that millions of people are completely unaware that it was ever attached to their loans, credit cards or mortgages.
In this latest article about PPI, the chief executive of the FOS (Financial Ombudsman Service) Mark Neale states that "it's too early to say we've seen the peak" in regards to claiming mis-sold payment protection insurance and he predicts that claims "will go on for a number of years". Mr Neales predecessor, Natalie Ceeney, has been quoted issuing similar statements in the past (when she was at the helm of the FOS) so this latest re-iteration is confirmation that most industry professionals still believe there's a long way to go before all those affected by mis-sold PPI are compensated.
It is estimated that the big four banks alone have already paid out a combined £13 billion in mis-sold PPI compensation, and have set aside a total of £20 billion in expectation of claims. If the recent predictions by the current and former CEO's of the FOS are to be believed, then payouts across the entire banking sector could reach £100 Billion by the time all possible payouts have been made.
UK Money Solutions offer a no win no fee checking service so that you can check to see if you're due a PPI payout. Simply let us know which banks you've ever taken a credit card, loan or mortgage with, and we'll contact them to see if you're due some money. If we don't secure you a PPI refund you pay us ABSOLUTELY NOTHING!* To check to see if you could be due some cashback from the banks, fill in our PPI CLAIM FORM and we'll send you a claim pack.
UKMS Money Solutions Ltd T/A UK Money Solutions are regulated by the Claims Management Regulator in respect of claims management activities (CRM26720) Its registration is recorded on the website www.claimsregulation.gov.uk