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PPI backlog 97% cleared by banks
Originally posted by 5corpio
Banks have processed more than 97% of their huge backlog of complaints about payment protection insurance (PPI).
After losing a High Court test case in April they were told to deal with 200,000 complaints which they had put on hold pending the hearing's outcome. The Financial Services Authority (FSA) gave them until the end of August to either offer compensation, or reject the complaints. Fewer than 6,000 of the backlog are now outstanding. Margaret Cole of the FSA said: "We are encouraged that most firms have used the time extension to clear the backlog of complaints received during the judicial review."
A large number of fresh complaints have still been coming in to the banks, encouraged by the widespread publicity surrounding their legal defeat. The FSA has said that new complaints generated since April must have been processed by 1 September 2011.
Fresh cases received after that date, but before 31 December, must be dealt with in 12 weeks. And from January 2012, the banks will have to go back to the normal eight-week timetable for responding to customers' complaints.
Fresh surge
The FSA revealed this week that the top 16 PPI sellers had paid compensation of £215m in the first half of the year for mis-selling the insurance, with nearly half of that being handed out in May and June alone. Complaints data published by individual banks in the past week has highlighted how they are being besieged by tens of thousands of disgruntled customers.
At RBS and NatWest in the first half of the year, PPI gripes made up 31% of all NatWest complaints and 47% of those to RBS.
These pushed total NatWest complaints up 24% to 147,109 and RBS complaints up 27% to 68,414. Last week, Barclays revealed it had received 73,000 PPI complaints in the first half of the year and predicted they would keep on.....
Read more on todays story here------> BBC News - PPI backlog 97% cleared by banks
After losing a High Court test case in April they were told to deal with 200,000 complaints which they had put on hold pending the hearing's outcome. The Financial Services Authority (FSA) gave them until the end of August to either offer compensation, or reject the complaints. Fewer than 6,000 of the backlog are now outstanding. Margaret Cole of the FSA said: "We are encouraged that most firms have used the time extension to clear the backlog of complaints received during the judicial review."
A large number of fresh complaints have still been coming in to the banks, encouraged by the widespread publicity surrounding their legal defeat. The FSA has said that new complaints generated since April must have been processed by 1 September 2011.
Fresh cases received after that date, but before 31 December, must be dealt with in 12 weeks. And from January 2012, the banks will have to go back to the normal eight-week timetable for responding to customers' complaints.
Fresh surge
The FSA revealed this week that the top 16 PPI sellers had paid compensation of £215m in the first half of the year for mis-selling the insurance, with nearly half of that being handed out in May and June alone. Complaints data published by individual banks in the past week has highlighted how they are being besieged by tens of thousands of disgruntled customers.
At RBS and NatWest in the first half of the year, PPI gripes made up 31% of all NatWest complaints and 47% of those to RBS.
These pushed total NatWest complaints up 24% to 147,109 and RBS complaints up 27% to 68,414. Last week, Barclays revealed it had received 73,000 PPI complaints in the first half of the year and predicted they would keep on.....
Read more on todays story here------> BBC News - PPI backlog 97% cleared by banks
"Over £200 million in six months sounds like a lot, but when you compare it to the £7.4 billion that the banks have set aside to cover PPI mis-selling, you can see that this is just the start.
“There’s no excuse for banks not to have cleared the backlog of complaints caused by the Judicial Review. Any firms that have not met the 31 August deadline should face.....Read more on this story---> CCR Magazine - £215 million in PPI payments is just the start, says Which?