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PPI Miss Selling

Within the last five years the number of payment protection claims has reached epic proportions as thousands of victims of PPI mis selling register complaints to try and reclaim their money. Since 2005, in excess of 1.5 million complaints have been registered with the Financial Services Authority making payment protection cover one of the most complained about financial products of all time.

How PPI Miss Selling Became So Widespread

It is difficult to say for sure why the issue of PPI miss selling has become such a huge issue and it is likely to be a combination of factors. A contributing factor was certainly the huge profitability of PPI which generated in excess of £5.5 billion a year for lenders and often made more money for customers than the loans to which it was attached. This profitability meant many leanders were keen to maximise the number of policies sold and this led them to offer significant rates of commission to staff or to put in place tough sales targets. In some cases this may have led staff to apply undue pressure to customers or to use unfair practices to boost sales.

Another reason PPI policies may have been so widely sold is because of a lack of staff training. As the popularity of payment protection insurance grew the policies began to be sold extensively across the lending and retail industry. Once only sold by bank staff and financial advisors, the cover began to be sold across the industry by sales assistants and call centre staff. In some cases staff were not given the training or product knowledge to understand fully what they were selling and this led to PPI miss selling. 

What can you do?

The good news is, if you have been mis-sold payment protection you have the right to make a complaint. If you were given incorrect or incomplete information regarding your policy or were sold a policy you didn't want, didn't need or couldn't use these can all amount to PPI miss selling and you could be entitled to claim compensation.

To find out more about making a claim for mis-selling, call our team on 0207 471 2000.

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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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