Lenders Shows Unsatisfactory Responsibility on PPI Crisis

Banks and financial institutions who were involved in controversial selling of financial protection insurance plans are not taking this issue seriously.

London, United Kingdom (prHWY.com) July 3, 2012 - Banks and financial institutions who were involved in controversial selling of financial protection insurance plans are not taking this issue seriously. Leading British banks are not working seriously to provide compensation to the victims. Instead officials of several banks are blaming third party PPI claim management firms to helping clients.

According to a media report Police director has defended claim management companies for dealing false PPI claims cases. It should be noted that financial ombudsman services has received above 6000 fraud PPI claim case and banks have received several more such letters. Claim management companies are found involved in encouraging false claim cases and also to bringing claim cases to the banks for those consumers who never had dealing with the lending agency.

Mr. Wigmore director of Claims standard council have also stated that claim management companies are just working to find out whether the person has a genuine PPI plan or not. Director has also mentioned that claim management firms are not charging any upfront fee and they will receive profit only for a genuine and successful claim case.

Other important thing noted by the official regarding mis selling of PPI is that the cases that bring to bank or FOS are several years old. Claim management companies are just trying to make the things easier for their clients. Some leading banking institutions have opposed this.

It is really ironic that banks itself have started fraud selling of payment protection insurance plans. Banks have made huge profit with false selling of PPI plans. Now, it is responsibility of banks to solve the entire situation and provide compensation to consumers who really own this. But instead of making payments, banks are blaming claim management firms for bringing false claim cases.

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Tag Words: ppi claims uk, mis sold ppi, ppi claims

Categories: Finance

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