PPI complaints procedure to be made clearer by banks
It has been noted that an increasing number of banks are making it easier for customers to understand how to claim for missold Payment Protection Insurance (PPI). After an investigation was carried out by Moneysavingexpert.com and Which?, the main banks in the UK have agreed that more information will be provided to people who might have a missold PPI claim to make.
As part of the study, the information offered to the public was looked at in detail. It was found that the nine main banks in Britain offered a wide variety of data to customers, all of which greatly differed in its quality. The report by the investigating companies said: “Leading providers have now agreed to comply with most, or all, of our checklist of information we believe every provider should have online. These measures to help customers include having links from banks’ website home pages and wider publication of contact telephone numbers for consumers.”
The news comes after it was revealed that of the £9bn set aside for missold PPI claims only £3.5bn has been claimed. This means a large number of consumers may be unaware that they are able to make a claim and receive back an average of £3,000 in compensation. It is hoped that with clearer information and details on what missold PPI is and how people can go about making claims, more consumers will feel able to gain back what it entitled to them.