PPI Refunds by Banks after Mis Selling PPI Investigations Complete

It is expected that financial institutions of UK who were involved in PPI scandal will need to pay back above ten millions euro to consumers for mis selling of payment protection insurance plans.

London, United Kingdom (prHWY.com) July 4, 2012 - It is expected that financial institutions of UK who were involved in PPI scandal will need to pay back above ten millions euro to consumers for mis selling of payment protection insurance plans. Director of central banks Bernard Sheridan has stated this.

It is also important to mention that two banks Bank of Ireland and AIB has already paid more than £4 million to their more than 13000 consumers as PPI refunds. It is also common hope that million others are left still now to get back refunds for the amount that they have paid for PPI premiums. Any of seven banks haven't disclosed about their provision for PPI refunds.

Investigations made by central bank found lots of mis selling payment protection insurance cases where individuals were not illegible to buy PPI plan still it was sold with mis conceptions. It was sold to self-employed, retired people or those who were close to retirement, contract employees and unemployed. In either case, no one can be eligible to get payment coverage at the time of need.

Investigation was mainly focused on cases of 2008 where above 1, 40,000 PPI plans were sold later data of 2009-11 include selling of 1, 36,000 policies. Payment protection insurance was wrongly sold with loans, mortgages and credit cards. It is generally available for payment coverage at unusual events like policy holder become sick or unemployed.

Central bank has also added some new points about the investigation and payment protection insurance plan. It has been told that Central bank will complete the assessment at the end of June, 2012. It is also included that important things related to Mis Sold PPI will publish if the finding will be unusual and new.

British bank has sent aside £5.5 billion for PPI refunds to British consumers. It seems that other banks will soon take essential measures for PPI refund provision.

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Tag Words: ppi, ppi claims, mis sold ppi

Categories: Finance

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