PPI - The banks cave in
The fact that the major banks have decided that they cannot withstand the force of the regulator on mis-selling PPI (Payment Protection Insurance) is good news for the public.
With Lloyds allocating £3 billion to pay claims, Barclays £1 billion and RBS calculating the cost to make a reserve next quarter obviously many people are going to be rightly compensated for having been mis-sold payment protection insurance.
I would suggest that customers who feel they have been mis-sold PPI should contact the bank direct rather than go through a claims management company. The CMC is only going to do what customers should be able to do by themselves and substantially increase the expenses paid by the banks. This could have an effect on bank charges etc as banks seek to recover some of the money.
Please note, also, that Payment Protection Insurance, when supplied correctly is a useful product - especially in the current economic situation. We have a page devoted to Accident sickness unemployment insurance: covers income, loans, mortgages and monthly commitments products and of course are only too willing to suggest the best way forward.
For more information contact JB Portwood john.portwood#portwood.co.uk