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Financial companies prepare for mis-sold PPI claims

The industry for payment protection insurance (PPI) is preparing itself for further mis-selling claims, as new rules by the Financial Services Authority (FSA) come into effect.

According to the Guardian, as many as £2 billion of disputes are likely to be settled in the coming months.

It stated that there is nothing wrong with the idea of PPI – which was designed to ensure that people do not default on payments for products such as mortgages and car loans.

However, the huge cost of the cover to consumers and the unscrupulous practices used by salesmen before proper regulation was introduced has left a number of consumers spending hundreds and thousands of pounds on products not suitable for their needs.

"The key is not to buy PPI from the company that sells you the mortgage, personal loan or credit card. In nearly all cases it will be poor value," the newspaper stated.

Since the Office of Fair Trading launched an investigation into PPI selling practices and prompted the FSA to step in, consumers have had great success with PPI claims in cases where they feel they were mis-sold a policy.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his beltADNFCR-2776-ID-800060639-ADNFCR

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