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Pay out PPI refunds, Which? claims

In order to clear backlogs of claims, Which? has said that banks should pay out PPI refunds.

The campaigning charity claims that the best and fastest way for banks to clear up all the cases they have to deal with is to provide refunds for the payment protection insurance policies they mis-sold.

Peter Vicary-Smith, chief executive officer of Which?, said: "The quickest way for these banks to clear the backlog is by paying up.

"Banks also need to start the process of reviewing the thousands of complaints that they have unfairly rejected over the past few years.

"Even without the delay caused by their legal action, some banks have a terrible record for dealing with complaints within the regulator's eight week timescale."

His comments follow the announcement that Financial Services Authority has extended the time period in which Barclays, Royal Bank of Scotland and Lloyds Banking Group have to deal with PPI complaints.

Mr Vicary-Smith added that until banks are hit with big fines, they have hardly any incentive to change their current practices.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800576756-ADNFCR

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