Over three million consumers were miss sold over 9 billion pounds worth of payment protection insurance or PPI.
The banks may not want to contact people who theses missold the policies to, but consumers now have a better grasp of their rights. The Financial services Authority has won multiple cases against the British Banking Association Because of the sheer number of policies that were missold, the banks have not hurried to contact the people they should not have sold the policies to under the FSA guidelines. Even if the banks are not hurrying to do this, a consumer can protect himself by making a claim.
The record number of claims has occurred because the several courts have upheld the FSA’s argument and held that the banks were in error when they sold these PPI policies.
Even though the rulings force the banks to contact people, many banks are waiting for this to happen. Consumers who know their rights in the matter have filed the complaint forms to get their money back as quickly as possible. The banks still need to review the claims and this can be a lengthy process. The banks now know they have lost there case and will need to pay out money to customers.
