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Payment Protection News

Over the last six years payment protection insurance has made the news countless times. It began back in 2005 when the Citizens Advice Bureau launched a 'super complaint' regarding the cover. Two further investigations by the Office of Fair Trading and the Financial Services Authority followed in 2006 revealing concerns the cover may have been widely mis-sold. The story really gained the publics attention; however, when the Financial Services Authority began handing out fines to large lenders including Alliance and Leicester, Egg and Capital One.

Recent Payment Protection News

Following the investigations many unhappy customers began making complaints regarding mis-selling and claiming back bank charges. Payment protection hit the news in 2010, though, when the British Banking Association requested a High Court review of new Financial Service Authority guidelines regarding the cover. The Court returned its verdict in April 2011 finding in favour of the FSA.

Banks set aside funds

Following the High Court's decision, several manager lenders announced they were allocating funds to compensate customers who needed to claim back PPI mis-sold to them. As a consequence of this decision, several of these lenders posted significant losses during this financial period.

Future Payment Protection News

Although it seems as though banks have finally acknowledged they need to address the payment protection issue once and for all it is likely that the mis-selling issue will continue to make headlines for months if not years to come. It is estimated that there are currently 20 million payment protecion policies in the UK and it is unknown just how many of these many have been mis-sold.

If you believe you may have been mis-sold a payment protection policy and would like to make a claim or you would just like more information call our team on 0207 471 2000.

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Belmont Thornton Limited is regulated by the Financial Conduct Authority in respect of regulated claims management activities; FRN:838450

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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