City watchdog finds 'serious problems' with two thirds of small to medium-sized handling PPI

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City watchdog finds 'serious problems' with two thirds of small to medium-sized handling PPI

This is a duplicate of the Blog Entry made on 25th September 2013 18:47.

*...............financial firms handling PPI complaints* A review into Payment Protection Insurance claims handling by the City watchdog has...

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[ken100464]

Re: City watchdog finds 'serious problems' with two thirds of small to medium-sized handling PPI

No shit sherlock.

When are the regulators and the FOS going to get it in their little heads they are dealing with an industry totally out of control. Dont just release a press statement that they are looking and MAY do something about it. Do something. 55,000 new ppi claims sent to FOS about lloyds parent body,37000 to Barclays in 6 months is acceptable? No wonder the smaller ones dont care.

In any other industry this would be classed as FRAUD and FRAUD on a massive scale and people would be behind bars now. What will make them realise this industry is grubby to its core.

£850 referral fee is worth the banks going to FOS for the inept decisions that let them get away with thousands. £50,000 or £100,000 fines per account that FOS rules to the consumer would make the banks make sure they are on pretty safe ground before going down this route. (wow just put the 55,000 lloyds new claims into my calculator and it was too much lol) Yes some claims the other way will be fraudulent and the banks have as much right to protect themselves from that. But this wholesale rejection culture stinks.

A whopping fine for if they got it wrong would mean they would have to use proper claims handlers in house. One who would know that this one is a win to the consumer just pay out and at the rate the FCA/FOS say they should.

The FOS wouldnt be gummed up and the consumer would not be having to fight back for what is rightfully theirs. Sometimes taking years to do it.


Any regulatory enviroment must have penalties that change behaviour. Look at the FOS website, how can the banks be still getting it so wrong and the sanction is just a few more bad lines in the press. Oh so scary.