Many UK citizens in the past decided not to make PPI claims because they understood that the time they invested for making a claim did not guarantee them positive results. The consumer group Which? showed that banks treated their customers unfairly by rejecting their claims without even making a review. This caught the attention of the Financial Services Authority (FSA) who took action and confirmed the allegations of PPI mis selling through a thorough investigation. However, this was not enough to push the banks to treat customer claims properly.
In 2010, the FSA proposed new claims guidelines much to the dismay of the British Banking Association (BBA), who deemed the guidelines to be unfair as it will cost them billions of pounds to repay every UK citizen mis sold PPI. However, in 2011, the court ruled in favor of the FSA, leaving the BBA and other banks to provide a £3.2 billion (now reaching £5 billion) compensation package for the entire United Kingdom. The new claims guidelines were further strengthened as in 2012, the consumer group Which? made agreements with banks and insurance companies to allow customers to make PPI claims in their establishments. The FSA also called for banks to contact customers potentially mis sold PPI.
UK citizens can now send a letter with a completely-filled claims form to their insurance companies or banks to make a claim. Those who are uncertain of their PPI claims can wait for a call from their banks or inquire through their customer service hotlines.
However, experts remain skeptical as banks, handling multiple numbers of claims, might not consider all the legal details and technicalities of each claim. This might lead to incomplete repayments given to customers. Experts advise claimants to consult with claims professionals before they undertake any claim on their own. The claims professional can highlight the many details needed to ensure that you get the complete repayments you deserve from a PPI claim.