The widespread mis-selling of PPI policies has deeply affected the UK banking sector: it is considered the largest, in scale, of all financial scandals in UK banking history. Even after the financial watchdog, The Financial Conduct Authority, made redress a right for affected victims, the banks have still been made to pay £millions in fines, having failed to deal correctly with the PPI complaints.
Thousands of borrowers have now been paid back PPI compensation, though not in full – in Aug 2014, The FCA ordered the banks to re-open 2.5 million PPI complaints where claimants where thought to have been treated unfairly. The whole situation has been confusing for many PPI victims, especially since many of them were not, and still are not, aware that they had even ever been sold PPI alongside their bank loan, mortgage or other finance agreement.
Current estimations state that the PPI scandal is going to have costed the banks tens of billions in the end. The repayment procedures are far from being over. Still, the FCA is threatening to put an end to this situation by setting a PPI claims deadline. With this in sight, it is imperative that anyone who believes that they may have been mis-sold PPI should act now.
The staff at OracleLegal.co.uk have created an infographic detailing all 20 years since the introduction of the policy and its mis-selling, to the potential end of the saga in the spring of 2018. It shows that Payment Protection Insurance (PPI) was first identified in 1998 as a poor value product, where an estimated 85% of people who were sold a policy were ineligible for cover. The improper sales practices were discovered only in 2005 following an investigation by the Citizens Advice Bureau. The infographic also covers the background and some of the institutions involved along the years. By understanding how it all began, consumers can be fully informed and take action while there is still time to claim a PPI refund.
Although no deadline has yet been confirmed, observers expect that this will be announced sometime in the near future (Spring 2016), with the actual deadline predicted to be set for Spring 2018.
Besides the Payment Protection Insurance history infographic, Oracle Legal Ltd also provides further information and advice on how to claim back PPI. Interested clients may even benefit form the company’s help in advancing a claim.
About the Company
OracleLegal.co.uk provides an easy and comprehensive guide to the PPI financial scandal and also functions as claims handler for PPI and PBA claims.
You may contact the company by email on firstname.lastname@example.org
or calling on freephone 0800 840 7292.
To read more about the current state of the unfolding PPI scandal, go to www.oraclelegal.co.uk
Company Name: Oracle Legal Ltd
Phone: 0800 840 7292 FREE
Address:Lester House, Broad Street
Country: United Kingdom