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Archive for tag: Main PPI Players

The Main PPI Players

Payment protection insurance (PPI) mis-selling is a saga worthy of being a soap opera. With twists and turns at every juncture, the PPI Story rumbles on and on. But who are the main players, what do these characters bring to story and who exploded the plot from a small issue into the biggest mis-selling saga EVER to have hit the UK banking industry?

Banks

Virtually every single bank, building society and lender are involved in the PPI mis-selling saga in some shape of form. Some, like the Lloyds Banking Group, have the lion's share of the money to pay back whilst other lenders resolved their PPI compensation claims within the first few years. But, it is not too late to claim back PPI from any bank or lender, despite what they may say in the media.

There is always a character in a storyline that is the villain of the piece, with good triumphing over evil; in the PPI Story, the wolf in sheep's clothing is the banks. They effectively sold people a policy, taking their money for a product that was useless; for many people they would never have been able to claim on the policy - to find out more, simply contact us!

FCA

And then comes along a character that with their ability to stand up to less savoury characters, slowly but surely win the fight. Previously known as the Financial Services Authority, the Financial Conduct Authority (FCA) has undergone a transformation, giving it more teeth in its role as the banking industry regulator.

As people gain PPI compensation on a daily basis, the FCA is now in place to hopefully ensure that NO mis-selling of any banking products occurs again in the future. But, in the here and now, they are making sure that all the banks and lenders caught in up in the PPI Story pay back all customers mis-sold this product.

FSO

And at the very end of the PPI trail is the Financial Services Ombudsman (FSO) that if this was a pantomime, would surely win the loudest cheer. They are in existence to sort out all issues between customer and bank, not just PPI.

As it grinds through PPI case after PPI case, the FSO also deals with all other complaints that lands on its desk, from unfair overdraft charges to complaints regarding sales. Firmly standing on the side of the consumer in the PPI Story, they are the last port of call for people who think they have been denied rightful compensation.

Customers

But peppered throughout the PPI Story are the customers; people of all shapes and sizes, and from every corner of the UK have been affected by their trusted bank or lender taking money from them to line their own profits.

Fight back and have a positive place in the PPI Story - get help from Payment Protection Scotland!