It seems that although banks are contacting customers to give refunds due to the mis-selling of payment protection insurance (PPI), they’re not being as prompt in actually shelling out.
The reason is, though the Financial Services Authority provides assistance on the steps firms should take when informing customers about PPI and it has given a deadline of eight weeks in which time they must respond to claims, no such guidance was given over deadlines for actually paying the money back to customers.
Which? states that about 8bn has been set aside by banks to pay for the mis-selling and, while 2bn was repaid just last year, there are still many who have claimed, who had been contacted by their bank, but have not yet received any money. Which? claims it’s staggering that, although the banks are complaining of having been overwhelmed by the demand, they were responsible for the mess in the first place and they also added to the delays by putting them on hold when they went to court last year to try to reverse the decision.
It may be said that Which? speaks for many on this matter. Banks are so quick to leap on a customer who goes a penny overdrawn or who owe them money, but become much less proactive when it’s them being told to pay money back.
The FSA says it’s aware of the delays and is working together with the banks to attempt to get the money returned to customers quicker. It also states that, though there aren’t any deadlines in place for when money must be returned, banks need to pay up promptly and the industry accepts that this means within 28 days.
For further guidance on mis-sold Nationwide PPI claims or other financial institutions and banks visit PPI Claims Online
© for Uber Articles, 2012. |
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