Banks agree to make PPI complaints process easier

Saturday, 23 June 2012 12:30

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Britain’s main banks have agreed to make it easier for customers to find out about payment protection insurance (PPI) and make a complaint following an investigation by Which? and Moneysavingexpert.com.

The study looked at the information available to consumers on the websites of leading high street providers about PPI.

Of the nine providers checked, there was a significant variation in the quality and amount of information provided online, including how customers could complain, Which? said.

Which? and Moneysavingexpert.com said: “Leading providers have now agreed to comply with most, or all, of our checklist of information we believe every provider should have online.

“These measures to help customers include having links from banks’ website home pages and wider publication of contact telephone numbers for consumers.”

The investigation comes as part of a wider initiative, working together with all the major banks and credit card providers, regulators and the Financial Ombudsman Service (FOS), to help people get back the money they are owed and help to improve the PPI complaints process.

So far only £3.5 billion of the £9 billion set aside to compensate mis-sold PPI has been given back to consumers.

The consumer campaigners are now calling on the Government to introduce tougher regulation of third party complaint handlers who charge fees for something, which they claim, consumers could choose to do themselves.

Richard Lloyd, Which? executive director, said: “There’s much more to be done, but we are starting to see progress with the banks taking action to make it easier for their customers to get back the money they are owed if they have been mis-sold.” 

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