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Reclaim payment protection insurance directly from banks

Consumers seeking to reclaim payment protection insurance (PPI) if they think it has been mis-sold to them have been advised to go directly to their bank.

That is because consumers could miss out on substantial sums of money if they seek a PPI refund through claims management companies (CMCs).

According to consumer watchdog Which?, CMCs take a 25 per cent cut from the compensation received as their fee.

As the average amount of PPI compensation equates to £2,275, those seeking PPI redress may have to pay their CMC £825 for something that can be done by themselves.

Peter Vicary-Smith, chief executive of Which?, said: "Anyone who thinks they may have been mis-sold PPI should complain directly to whoever sold it to them.

"By going to a claims management company, you'll pay what could be a lot of money for something you can easily do yourself."

He advised consumers to seek redress directly from their banks and that if their claim is rejected, they should go to the Financial Ombudsmen Service.

The Co-Operative bank has recently set aside £90 million for the PPI refunds it expects to pay out.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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