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Barclays PPI Claim

Following the announcement of the High Court’s review into new FSA guidelines to regulate Payment Protection sales many banks have been forced to drastically and quickly revaluate their approach to customer complaints. Shortly after the decision was announced many banks announced the allocation of funds to compensate customers affected by mis-selling. Barclays, who are thought to have sold between 1.6 million and 2.4 million policies in the UK, have announced they will set aside £1 billion to address the issue whilst The Lloyds banking group has allocated an astonishing £3.2 billion.

In addition to the allocation of funds Barclays PPI claims registered before 20th April 2011 will now be settled on a ‘No-quibble’ basis. Barclays has explained this decision is partly to prevent further delays for customers who have had claims placed on hold while the judicial review and partly to enable them to focus on new PPI claims.

New Barclays PPI claims will be dealt with on a case by case basis and the lenders has been quick to state the decision to compensate all early claims is a ‘gesture of goodwill’ as oppose to a sweeping admission of guilt. So far Barclays are the only bank to make such a decision and it has been welcomed by many consumer action groups who see it as an important step in the fight for customer justice for the mis-selling scandal.

If you registered your Barclays PPI claim before the 20th of April this is clearly great news. You are likely to receive a full refund of all PPI premiums paid plus 8% interest. If you have not yet registered your claim; however, there is now no better time to do so. The new FSA guidelines mean it will be harder for banks to shirk their responsibilities with regard to mis-selling. In the past, many lenders have been accused of ‘fobbing off’ complaints and rejecting client’s claims with limited investigation. Those making new Barclays PPI claims, though, can be sure of a better deal and it is likely that all lenders, across the board, will be more inclined to settle claims internally rather than allowing them to pass to The Financial Ombudsman for review.

In the first half of 2010 Barclays were the second most complained about insurance company in the UK. Strange, you may think, as Barclays is actually a bank, but all top ten ‘insurers’ named in the FSA’s statistics were, in fact, lenders. Others to make the list included Lloyds, Bank of Scotland and Santander. Of the 2,205 complaints received regarding Barclays insurance products the majority were Barclays PPI claims. The FSA upheld 95% of these complaints meaning Barclays had to pay the customer concerned compensation for mis-sale. Since the PPI scandal was first uncovered by the FSA back in 2006, Barclays has paid out more than £200 million in compensation to unhappy customers. The announcement of the £1 billion allocation of funds is therefore regarded as a huge victory by campaigners.

If you believe you have been mis-sold a loan protection insurance policy or PPI on your credit card call our claims team today on 0207 471 2000. We have already assisted more than 60,000 customers and, in many cases, can claim back PPI in just 8 weeks.

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