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Payment Protection Rules

 In the last few years the number of customers making claims for mis sold PPI has increased dramatically. Many people are curious as to the causes of the scandal and how lenders could have failed customers on such a widescale. It is difficult to pinpoint an exact cause, but it is clear that some lenders did not adhere to the payment protection rules and, as a consequence, standards slipped. The

What Are the Payment Protection Rules?

The rules regarding payment protection appear in a set of guidelines issued by the Financial Services Authority. The guidelines aim to ensure full disclosure of information to the customer and to protect them from being sold an unsuitable policy. In 2010 the Financial Services Authority attempted to clarify the guidelines, but the move was met with oposition from the British Banking Association. The British Banking Association, with the support of most of the UK's largest banks, requested a High Court review of the new guidelines as it believed they were unfair and would force lenders to examine old sales by new standards. In April 2011, the High Court found in favour of the Financial Service Authority. This is great news for customers as the new payment protection rules will force lenders to ensure full policy information is given and to clearly confirm this type of cover is always optional.

Making a Cliam

Although the new Financial Service rules are good news for future sales, many customers still feel angry they have been mis sold payment protection. The new payment protection rules do not affect a customers option to make a claim, though, and if you feel you have been mis-sold you could start your claim today by calling our teamn on 0207 471 2000.

There is good news and bad news in all of this. Have lenders learned to play nice? Perhaps, but more importantly you should be questioning whether or not you will be getting any of your money back on mis sold PPI. Actually, lenders have now found a new way to hold on to your money and that is by appealing the payment protection ruling that was handed down by the High Court. Now banks and other lenders, are even going so far as to refuse to review PPI claims contingent upon the outcome of their appeal. No, they probably haven't learned to play fair but with the help of a professional claims specialist you will have a referee in your corner helping to even up the odds. To consult with a claims specialist at no initial charge, call 0207 471 2000 today.

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