Financial service providers are promising to help make it simpler for customers to issue complaints about their PPI or payment protection insurance. Following an investigation that was spearheaded by Moneysavingexpert.com and Which? Banks have agreed to offer more information about their PPI plans online.
Nine major providers were looked at as part of the study from the banks and it was found that a wide variety of information was actually made available online about the different banks’ PPI programmes.
Both watchdog groups are now asking the Government to tighten the regulations that they place around third-party claims management companies that charge fees for initiating the filing of a claim. The reason that more regulations need to be put in place is because the watchdog organisations claim that people do not realise that they could start a claim on their own and avoid paying the high fees associated with this type of service.
Which? Executive director Richard Lloyd stated that there is a lot of work that has to still be done but they are starting to see many banks take positive steps forward so that customer can get some of the money back that they have lost due to being mis-sold. He added that now is the time for the Government to step forward and start to regulate the claims management companies that caused the problems in the first place.
He added that these companies are simply taking advantage of customers who are attempting to get back money that they lost and really the banks are the ones who should be explaining the process to concerned consumers and helping them through the process.