It is plain to see that banks are still unwilling to cooperate in refunding customers mis sold payment protection insurance even if their compensation bill is reaching more than £11 billion. Despite the FOS and economists warning banks that their actions are only increasing the compensation bill, banks delay customers due to the following reasons.
Image may be NSFW.
Clik here to view.
1. Costly
Banks need to generate more capital before they could provide their products and services, which includes redressing the insurance policy. To generate more capital, they will need more time. This is one reason why the Financial Conduct Authority’s investigation revealed that most of the 12 faulty financial companies cannot give a good explanation to customer delays.
2. PPI Calculator Companies
Despite efficiency, many PPI calculator company specialists are condemned by banks using the reason that the companies get 25% of their customers’ redress, which drive up the UK compensation bill.
3. Avoiding Claims
Redressing means giving out money, and Deloitte’s little scandal involving several superiors from the company unveiled in a UK local newspaper proves that banks are still trying to avoid claims to save their capital, which is clearly unfair for customers
Anybody mis sold PPI could get a complete estimate of their refund by using a PPI calculator UK claims companies provide.
