The latest report from the Financial Ombudsman Service (FOS) reveals that banks paid out £557m in the first half of this year for mis-sold payment protection insurance (PPI). Banks dealt with much of the 200,000 claims backlog by the end of August, the deadline set by the FSA. However, FOS has also reported an on-going flow of consumer complaints where claims have been rejected. It is clear, therefore, that the financial services sector faces continuing challenges to manage costs and reputations on this issue. In response, leading consumer credit data and analytics expert, Equifax, is able to help financial services firms identify and resolve their PPI exposure with its innovative Equifax Single Customer Insight for regulatory compliance solution. The Financial Services Authority (FSA) requires that firms selling PPI over the last six years must establish whether any mis-selling took place and offer customers compensation accordingly. This task is proving to be a complex and costly exercise, given the time period and scale of policies sold. It is also having quite a negative impact on reputations with delays in compensation pay-outs regularly reported in the media.

Equifax Single Customer Insight for regulatory compliance provides a solution that is quick to implement and streamlines the PPI claims process which, in turn, should enhance the experience for consumers. By using Equifax’s comprehensive consumer datasets to match PPI and credit account databases, firms can accurately calculate their claims exposure, even across different brands and...Read more here---> CCR Magazine - Equifax helps banks tackle PPI claims backlog