According to the Financial Conduct Authority’s latest investigation on banks addressing PPI complaints, 12 out of 18 have failed to process payment protection redresses accordingly. The FCA confirmed that they recommended one of the banks for enforcement action. Some of the remaining banks may be fined for their inability to properly give a response to their consumers.
The FCA said they found many of the banks failing to ascertain the exclusions of the payment protection insurance policy. Other banks failed to consider the consumer’s circumstances upon purchasing the insurance policy.
Many banks were delayed in giving a decision on the consumer’s complaint. The FCA only allows banks eight weeks before giving a response. If a consumer is unhappy with the response, the Financial Ombudsman could re-open the complaint and see if the bank gave a proper decision on the consumer’s behalf.
A consumer could make use of a PPI calculator UK claims companies provide if they need to know the total refund they could receive from a PPI complaint.
The Financial Ombudsman also confirmed that banks are still failing to redress refunds having received a 26% increase based on the total complaints they received from the last half of 2012. The FOS said that 80% of the 266,238 complaints are in favour of consumers,
Consumers may also re-refer their complaints to PPI claims companies such as http://www.ppicalculatorcompany.org.uk for legal consultation and advice.