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CMC Makes Good On PPI Claims Deadline Legal Challenge

We Fight Any Claim continues its fight against the Financial Conduct Authority to postpone and ultimately cancel the PPI claims deadline. On the context that the FCA has abandoned its responsibilities to prioritize the welfare of consumers, the CMC had leaned on the reasoned opinion of Stephen Knafler QC, who said for the FCA to impose a PPI claim deadline would mean a violation of the constitutions that materialized the watchdog’s existence.\

According to We Fight Any Claim, only the banks and lenders would benefit from the said deadline. Ordinary UK consumers are likely to lose their recompense, even with the PPI claims consumer communications campaign.

FCA Boss Andrew Bailey said the August 29, 2019 deadline is ample enough time for consumers to begin and finish their PPI claims.

The FCA’s consumer communications campaign involves a public service announcement aired through a TV commercial. It was said California Governor Arnold Schwarzenegger would use his voice for the “Total Recall” movie – based commercial setting, which juxtaposes consumers who might have forgotten if they had purchased PPI.

UK’s PPI bill had seen £26.9 billion paid out to consumers mis-sold the insurance policy. The new deadline, according to the FCA, would allow banks to set expectations on the number of complaints they would possibly receive and prepare accordingly for the influx of PPI complaints.

Claiming PPI Against A Lender Whose Name You Forgot

Sometimes, we can be forgetful as people. Remembering details from almost 20 years ago is a difficult undertaking, but one that is still possible to do. Sadly, in the case of payment protection insurance, we would need the complete details of our lender to help us make a claim for our refund.

Here are three ways to claim PPI against a lender you have forgotten.

Credit File

To get the name of your lender, you could check your credit file. Call a credit score company and have them look up your name. They would tell about your current credit score and the lenders who worked with you. You can see the name of your lender from here.

Registries

Land registries for mortgage lenders can list down for you a number of lenders, one of which is possibly your lender. Registries can find lenders who financed your house. But there is no guarantee you can track them down with this method, but still, this is a better way. It also involves a small fee.

Branch Office

If you still remember the city your lender established itself during the time, you can ask the local government to provide you a list of lenders in the area.

The New Face For The PPI Claims Consumer Communications Campaign: Arnold Schwarzenegger

To curb the PPI scandal, the Financial Conduct Authority (FCA) had announced a PPI claims deadline by August 29, 2019. Having every consumer mis-sold PPI is achievable for the FCA if it proceeds with a “consumer communications campaign,” according to its assessment. Among all the Hollywood representatives for PPI, Arnold Schwarzenegger gets a huge fee to use his voice to urge UK consumers to look at their financing and see if they were mis-sold PPI.

The advertisement, which FCA-appointed M&C Saatchi would oversee, would use “Total Recall’s” star in a scene reminiscent of the hitmaking film of the 90s, placing customers to “totally recall” if they were mis-sold PPI and the procedure to recall it, if possible.

PPI is the UK’s biggest insurance scandal worth £35bn at present. The insurance scandal dragged on for years since the 90s as the real-estate boom had allowed bank employees, wrongfully motivated by incentives for higher work volume, to mis-sell the insurance policy to consumers ineligible for the insurance in the first place.

Consumer groups have condemned the FCA PPI claims deadline because banks have yet to iron out the folds in their PPI claims procedures, which lead to unfair rejections of valid consumer claims. However, the PPI deadline is set to push through despite these complaints and criticisms

The PPI Claims Story So Far This 2017

From 2009, under former Chief Executive Martin Wheatley, the Financial Services Authority — transformed later into Financial Conduct Authority — had the banking industry pay for its flaws regarding the mis-selling of payment protection insurance to millions of UK consumers. The country praised the work of Mr Wheatley as the then-FSA won against banks in a UK court case.

As the crisis showed no signs of stopping and consumers tried to find time processing their PPI complaints for refunds from an insurance policy they could not hope to use, the FCA had then done something different; it had laid off Mr Wheatley and have yet to replace him permanently. The FCA, under the influence of the Bank of England, had considered the placement of a PPI claims deadline to urge consumers to make a complaint.

Consumer groups lashed against the FCA for allowing banks to have a say to ending the trouble their employees began with the £35 billion payment protection insurance. Consumer groups said banks have never made an active effort to urge consumers to make a claim themselves by informing them through letters or text messages. The process alone, including the claims analysis procedure itself, was questionable for many groups looking into the feasibility of a PPI deadline.

PPI claims management company We Fight Any Claim believes the FCA to have obstructed its constitutional responsibility of protecting consumer rights by providing banks a “way out” of its PPI ordeal through a deadline and pitting consumers into financial trouble further.

Three Reminders Before You Make Your PPI Claim In The Next Two Years

Most cases we hear about payment protection insurance involve consumers with a mortgage loan that they believe their insurance policies were dated more than six years from the time of purchase. Despite the six-year time limit publicised by banks and other financial institutions, consumers can claim their complete refunds by understanding the following.

How Far Back?

In the news, banks claim a six-year time limit for PPI claims disallow consumers who were mis-sold and had completed PPI repayment in six years have no rights to reclaim their PPI refunds. This is false; the PPI policy has no end especially when the contract states that as long as the financial product is continuously paid, the insurance policy is still active.

Can You Claim PPI Without Paperwork?

Claiming PPI without your receipts is possible; the data access request, which costs about £10 per request, is essential in collecting all the information about a financial product that might be essential for your claim.

Data access requests also access sister company databases. For example, Lloyds’ other subsidiaries would look for other information about financial products linked to yours, or financial products you might have taken out for this purpose.

For an elaboration on claiming PPI without paperwork, click here.

Three Ways Your PPI Claims Are Still Valid After The Deadline

The Financial Conduct Authority’s PPI deadline could leave one thinking that millions of other consumers would file complaints and leave the entire situation dire for everyone. The PPI deadline also ends all consumer rights to make a claim for mis-sold PPI. The first one is true — millions can make a claim soon and yours could drown in it. The last one is false.

The Financial Conduct Authority is responsible for upholding fair trade practices and is responsible for the financial institutions and involved industries to uphold and practice remedying consumer rights. If it does not uphold this, then the FCA is violating the nature of its existence. This also goes beyond the PPI claims deadline set for August 29, 2019.

The Financial Ombudsman also upholds the reputation of the banking industry as a respectable and consumer-first industry by correcting all aggravations between involved parties. In the event it refuses to acknowledge a consumer’s complaint, the Financial Ombudsman also violates its primary reason to exist, which is to resolve and improve industry relations between all involved parties.

Lastly, all consumer complaints are part of a consumer’s rights. To remove this right would mean to invalidate the rights of a consumer to rightful refund. Even after the PPI claims deadline — speculated to be to remove PPI from the media’s headlines — consumers could still make a claim and receive their refunds when possible.

Lloyds Gets Into New £80m Mis-Selling Scandal Aside From Payment Protection Insurance

A few hours before the UK government had sold the biggest UK bank’s shares back into the private sector, the Lloyds Banking Group had found itself into yet another immense mis-selling scandal aside from payment protection insurance.

Scottish Widows, a Lloyds investment subsidiary, has about 7,000 accounts with mis-sold structured investment products. The low-risk and simple-to-follow products and services have their own PPI policies, including the Acorn Market Linked Deposit and Protected Capital Solution Funds when it was issued to these 7,000 unsuspecting consumers.

According to the Financial Conduct Authority, the financial product sold “breached fair, clear and not misleading promotions” as bank employees and promoters likely exaggerated the product’s returns. LTU, Lloyds’ trade union, said in its newsletter that it expects the company to pay about £82m for all mis-sold financial products.

Despite its trouble with PPI and structured payments, the bank is officially back into private investor hands. Even if both went through public hands at the same time, the Royal Bank of Scotland is still 73 percent taxpayer-owned.  However, the UK government may have sold the shares at below-floor price to ensure the transition of Lloyds.

The sale of Lloyds likely did not return the original cost the government paid during the time of its bailout. However, the UK government claims all the public money used to buy Lloyds shares have been returned evenly.

The Possible Numbers of PPI Complaints Before The PPI Claims Deadline

The Financial Conduct Authority’s announcement of a PPI claims deadline has sparked a huge number of PPI complaints into bank call centres to resolve their PPI refund issues. Payment protection claims are likely to increase by the second half of 2017 and the entire 2018.

The actual numbers of PPI claims for refunds may reach around one million more remaining consumers mis-sold the insurance policy. The number of complaints may increase by one million in the coming years as more consumers become alerted to submitting payment protection insurance.

Claims management companies working in tandem with banks may also encourage consumers, especially the elderly, to make their claim. Most consumer groups are concerned about the elderly not getting their fair share of learning to claim payment protection insurance on their own because banks would not send notifications to consumers possibly mis-sold payment protection insurance.

About half the UK’s consumer population had been mis-sold PPI. Almost yearly, the UK Financial Ombudsman Service services more than 250,000 complaints yearly. The possible total number of complaints resolved from 2009 could have reached figures more than 1.5 million with almost £37 billion to be repaid by banks for mis-selling payment protection insurance.

Regardless of the PPI’s effects on bank budgets, the UK’s banking industry, specifically Lloyds Banking Group and the Royal Bank of Scotland, are not troubled by profit declines due to PPI and they in fact had gained more support from investors because of the certainty presented by the PPI claims deadline.

Three Things To Remember When Claiming Back PPI Refunds With The Financial Ombudsman

The Financial Ombudsman Service has a 7 out of 10 chance of having your insurance policy refunded due to the bank’s unfair rejection of the PPI claim. However, you may need to answer several questions in an FOS claim form you can download from the Internet. Before answering, remember these three things.

Every Detail Matters

The more detailed, the better. Inquire about the bank’s data access request service and ask for one to retrieve the entire transaction history of your loan, mortgage or credit card especially if it had spanned more than six years. Remember this while answerin the questions on Section A and B.

Mis-Selling Bank Employees

The focal point of every complaint is the bank employee. Bank employees must have asked their borrowers about their employment status or if they had a recent accident or diseases that is recurring. If borrowers answer yes, then they are automatically ineligible. If the bank employee failed to ask these questions and evidence including medical certificates, or final payslips or end-contract forms are presented, then the insurance policy is considerably mis-sold.

Other Details

It would be wise to procure a medical certificate or final payslip and other forms that would serve as evidence that the complaint is legitimate and the insurance policy is truly mis-sold. Compare with your receipts the date of the accident or unemployment as indicated in the certificates and borrowers have a stronger chance of success in making their complaints successful.

PPI Claims Compensation Package Reaches Total of £37 Billion After Banks Release First Quarter Results

Banks have reported their first-quarter profit results, which revealed that the UK bank industry’s collective PPI refund package has now reached £37 billion in total with half of the original amount returned to consumers. Consumer groups note a quarter increase in the number of UK PPI consumers making claims after the Financial Conduct Authority announced the PPI claims deadline on August 29, 2019.

According to analysts, the numbers of claimants are likely to increase in the next few years before the deadline. The UK PPI claims refund total is likely to reach £40 billion during this time. According to consumer group Which?, five high street banks , HSBC, Barclays, Santander, RBS, Lloyds have set hundreds of millions of pounds in compensation for consumers

However, the PPI claims deadline has helped the banking industry recover its reputation among investors, whose confidence has increased in the last three years. Lloyds, taxpayer-backed, is making a wholesale return to the private sector with higher demands for its private stocks. RBS is also faring well, but is struggling in coping up with profits due to PPI repayments. Barclays gained a £1.4 billion profit despite paying millions for its PPI refunds.

Frequently Asked Questions

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