In November 2015, the Financial Conduct Authority (FCA)
published an analytical report relating to payment protection
insurance (PPI) claims.
Some think that this report, completed by ComRes, will form the
basis of the promised PPI compensation campaign pre-June 2019
deadline.
The report showed some interesting findings.
Has everyone heard of PPI?
Of the population aged over 18 years of age, 74% have heard of
PPI. Of this group that have heard of PPI, 77% were aware what the
issues and problems were with it.
Understanding is not as widespread with only 42% of people
believing they have agoodunderstandingof what PPI was, with 46%
saying they havesomeunderstandingof it and 12% say they haveno
understandingof it.
One in nine people were unsure if they had PPI which broken down
over the population, amounts to 8% of the UK population having no
idea if they have or had PPI. 3% said they really didn't know if
they had PPI.
What is even more worrying, of those that say they were unsure
if they had PPI, half of them (49%) said they were unlikely to
check if they did! 37% said they were more than likely to check and
it was the prospect of winning compensation that was the main
driving force.
The PPI compensation claiming process
Around half of those who have or had PPI made a complaint about
the policy, with people who have potentially more than one claim,
complaining about at least one of the policies.
Three in 10 people use a specialist claim management company
like Payment Protection Scotland. Of those that made a complaint
direct to their back, 59% said the process of claiming compensation
was relatively easy.
Nine in 10 people who had complained about PPI received
compensation but 85% of those that had claims were satisfied with
the compensation they received.
Triggers for making a PPI compensation claims
Whilst claiming compensation is considered the main driving
force, what prompts people to make a claim is interesting;
- 27% of people said it was media news stories about how to
complaint
- 20% said they claimed after receiving a letter from their bank
or provider
- 19% said it was media adverts on how to complain
- 18% said they decided to claim after a telemarketing call
The sample size of this survey was significant - 20,000 people
were interviewed - and some of the statistics are interesting about
how people view PPI, the whole saga, as well as how to claim PPI
compensation.
Why not find out more today? Call Payment Protection Scotland
now.