Not a great deal in the news this week about Payment Protection Insurance.
Perhaps all interested parties are still digesting the new FSA rules on how PPI complaints should be handled. The rules go some way to break down what is expected of banks whilst investigating PPI complaints. They are no longer able to rely solely on papers completed at the time the loan was sold. They must take ALL evidence, written or verbal into consideration when making their decision.
This means our clients will get a much fairer deal during their claims. The big banks will (hopefully) continue to pay out as they have done - leaving the more awkward defendants to try to wriggle out of paying up.
The rules also allow for a greater amount of compensation to be paid in some cases where a customer was not given a fair rebate and enhanced compensation for linked loan accounts. The rules are due to go live on 1st December.
On the other hand - there has been a report this week that the banks intend to mount legal action against the FSA on its decision to retrospectively apply its new rules to the banks' complaint handling operations. It will of course be interesting to see if there is any further development on this point in coming weeks.
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