You are here: Home - Credit Cards & Loans - News -

Banks go slow on PPI investigations

0
Written by:
19/02/2019
Banks are dragging their feet on PPI claims, finds new research, with some claims taking 32 weeks or longer.

Claimants run the risk of missing the 29 August deadline – the cut-off point to assess PPI claims.

Claims management firm, Etico, said some banks are now only issuing their final response letters 16 after weeks after initial claims were made. The FCA says this response needs to happen within eight weeks. The group said it has cases from September 2018 where no formal acknowledgement of the claim has even been received.

The group said customers should be given a deadline that relates to the start of the process, not the submission of the actual claim. It said getting hold of this information is challenging, requiring banks to provide it accurately and promptly, and some consumers just won’t be armed with the correct information in time.

The findings show the dangers of waiting until the August deadline. Technically, if applicants wait more than eight weeks for a response, they can take their case to the Financial Ombudsman, but this requires more questionnaires and there may be a back-log as the cut-off date approaches.

Etico Group’s general manager, Nigel Wright, said: “With the FCA’s August 29 deadline looming, we have seen a slowdown in processing both initial PPI information requests and claims. Most consumers don’t realise that certain information needs to be provided by the lender before a PPI claim can be submitted. With just 30 weeks left before the FCA’s deadline is reached, delays in providing this information mean that claims cannot yet be submitted. It is essential that consumers are made aware that the delays being experienced with some banks could mean that they miss out on their claims

“Consumers who have been putting off looking into whether they had been mis-sold PPI need to act now, either by investigating themselves or through a reputable claims management company. If they don’t act now it’s possible they’ll miss the boat and will not get another chance to secure legitimate payouts if they are found to be due.”

Related Posts

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

Low-income pensioner? You could gain £3k top-up

Hundreds of thousands of retirees struggling with a low income are missing out on Pension Credit worth £3,300...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week