The Financial Services Authority (FSA) and the banks had a legal dispute over the new claims guidelines proposed by the FSA in 2010. In May of 2011, the FSA won their right to establish the new claims guidelines. It is indeed easier to make a PPI claim nowadays. The FSA had tasked banks to call upon the remaining 10.8 million customers who haven’t made a claim yet. If you are part of the people who haven’t made a PPI claim, you should consider making one now. It is indeed easier to make a PPI claim today.
As soon as the bank confirms that you were potentially mis sold PPI, you will need to prove that you were mis sold the insurance policy and that you were initially ineligible for the insurance policy. PPI is a very helpful insurance product. It ensures that your loan repayments are met monthly even if you suffer income loss putting time off work to recover from accident injuries or sicknesses. You even get the same benefits when you find yourself unemployed. But if you were ineligible for its requirements, you’re truly in trouble.
How you are mis sold PPI by bank representatives and commission-based financial advisers is through their abusive sales tactics. They only highlight the positive aspects of the insurance ‘s benefits without considering if you were compatible with its terms and conditions. Most mis sold PPI victims are those with multiple financing and a risky or dangerous job. First, they explain to you the benefits above, then they examine your financial situation and then highlight how the PPI can help you maintain them. This has urged many customers, trusting the knowledge and expertise of their financial advisers, to purchase the insurance.
The PPI claims process, being easier, only needs you to fill up a PPI claims form and submit it to the Financial Ombudsman. You can also call or wait for the call of your banks about the insurance claims. If you find that your bank has not called you and you understand you have a mis sold PPI, you can call on claims experts at www.ppiclaimco.org for help.