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The PPI scandal has a long way to go until it is all cleared up

In early 2011 after many complaints from consumer groups, and investigations from regulators; the British Bankers Association (BBA) lost a High Court battle and were finally forced into reviewing past PPI sales. 12 months on things seem to be moving slowly.

With the number of overwhelming claims (55,907 new claims in the last quarter of 2011), administrative errors and 200,000 cases that had been put on hold during the trial between BBA and the Financial Services Authority; banks are really struggling to rectify their errors in a timely manner.

Lloyds Banking Group (LBG) held a huge share of the mis-selling PPI and as a result, they are struggling to keep up with the volume of claims. Robert Slack, PPI expert at claims-uk.co.uk recently stated, “Lloyds is among the worst banks in handling complaints, though it has improved”.

Last year Lloyds sent a large number of cheques to the wrong customers, slowing down the process and adding new barriers to the process of rectifying this serious scandal that has affected hundreds of thousands of people in the UK.

In the beginning of 2011, £6bn was set aside by the larger banks to cover the cost of PPI compensation. A year on, another positive sign that the banks are committed to resolving the scandal, The Financial Ombudsman Service (FOS) are to hire more staff to cope with the huge volume of claims. The FOS plans to increase staff numbers from 1,890 to 2,545 in the next 12 months, a great relief to those hoping to re-claim their mis-sold PPI insurance costs.

23-01-2012

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