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Brits 'should find it easier to reclaim PPI'

A number of the largest financial service providers are going to make it easier for members of the public to reclaim missold payment protection insurance (PPI), following a and Which? investigation.

Although £9 billion has been set aside by lenders for PPI refunds, only £3.5 billion has been recouped by consumers so far, the study found.

Furthermore, financial services providers on the high street had a wide variety of information relating to how to make a PPI claim against them, it revealed.

"PPI reclaiming is big money for many and so people are naturally intimidated by the process and worried by small things," representative Martin Lewis said.

The investigation is part of a wider project by consumer advocacy groups, credit card providers, regulators, major banks and the Financial Ombudsman Service (FOS) to help people receive the money that was lost through the PPI misselling scandal.

In the year ending March 31st 2012, the FOS received 157,716 complaints relating to PPI.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801392569-ADNFCR

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