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Banks renege on payment protection compensation

Consumer Focus

Despite losing in court, banks are refusing to pay out to people who they mis-sold payment protection insurance to.

 

The reason, according to their trade association, is that they need to consider their next action such as an appeal that could take many more months or years to conclude.

 

With their reputation in tatters, the banks involved seem to find new ways of upsetting customers and have no shame at effectively ignoring a court ruling for as long as they can.

 

Oliver Morgans at Consumer Focus says, “This is a huge win for the millions of people mis-sold PPI. It has taken years of the banks being dragged kicking and screaming, but they are finally being forced to do the right thing by their customers. PPI is a clear example of everything that is wrong with the banking sector. It shouldn't need the intervention of a High Court to ensure that bank customers are treated fairly. When 200,000 people complain to the Ombudsman and three-quarters of complaints are upheld, something is clearly very wrong. Moving forward, the new regulator needs to learn the lessons of PPI and be given the powers to root out bad products and practices at an early stage. Mis-selling on this scale must never be able to happen again.”

Income protection insurance news: 30 April 2011

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