- UK Banks could have to pay a staggering 5 Billion Pounds to reimburse customers who complain about mis sold Payment Protection Insurance Policies.
The Competition Watchdog has for many years been investigating UK Banks possible mis selling of PPI which would normally cover the customer in the event of sickness or unemployment.
Britains Competition Watchdog have estimated that customers have been overcharged approximately 1.4 billion pounds a year from the sale of Payment Protection Insurance.
There are currently 12 million outstanding PPI Policies in force in the UK. According to Morgan Stanley, if one fifth of customers make a claim for mis sold ppi & almost half are upheld. Bank could pay on average of £2000 for each 1.1 million claims.
In August 2010, The Financial Watchdog, The FSA introduced proposals that the banks handle ppi complaints & redress customers fairly. There has been a judicial review brought by the British Bankers Association whether the FSA can apply new standards to past sales of PPI.
If you have been mis sold PPI (Payment Protection Insurance) and would like to make a claim, please contact us on FREEPHONE 0800 840 4034 or enquire online http://www.reclaimservices.co.uk/claim-review.html
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