PPI Controversy

Due to the overzealous selling of the PPI, many banks have overlooked the basic steps in selling financial products. According to the FSA, different financial products must be quoted and sold separately. In many cases, the consumers were told by banks that the PPI was a required policy before they could take out a loan. Furthermore, they were not told that PPI can be acquired from other sources such as insurance companies. Many cases reveal that the banks failed to properly explain the nature of the insurance product.

PPI Claims Companies

Some cases can be complex, especially those where the policy has been in force for a number of years. In these instances, you may wish to consider using a claims management company to handle your complaint. They will deal directly with your lender and the Financial Ombudsman Service, where appropriate. Many operate on a no win no fee basis so be wary of the minority that want to charge you an upfront fee because this is simply avoidable.