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Banks and card companies will reopen 2.5 million PPI mis-selling complaints amid claims of underpayment and rejection of compensation.
The Financial Conduct Authority (FCA) said that firms would look again at cases in 2012 and 2013 where claimants could have been treated unfairly. A BBC investigation in June highlighted concerns over PPI compensation. One expert, commissioned by the BBC, estimated that underpayments could have hit £1bn.
Billions paid outPayment protection insurance (PPI) was designed to cover repayments, in the event of redundancy or ill-health, but was widely mis-sold. A huge programme of compensation was set up, with financial firms now having handled more than 13 million complaints since 2007......Read more here
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