Returning The Glory Of PPI Through The PPI Claims Deadline
When Martin Lewis of MoneySavingExpert.com and Which? CEO Richard Lloyd wrote a letter to the FCA regarding postponing the PPI claim deadline because banks needed to get what they deserved, not everyone was enraged by the fact of a deadline.
Consumers, all pestered by unprofessional attitudes of rogue claims management companies cold-calling and unsolicited text-messaging possible would-be clients are sick and tired of our industry. While we at HaveIGotPPI.org.uk condone these activities, we’re affected by the situation because we, like other reputable companies, only advertise through proper channels, such as our website, blogs, television and even the radio.
Maybe it’s time to return the PPI’s glory, along with ours, through a deadline.
It was not long ago when the then-Financial Services Authority accepted the banks’ legal challenge when the former introduced claims guidelines to help consumers get back their repayments. The Supreme Court sided with the FSA, stating that banks had done wrong and had to pay for their sins.
Banks today were hit with billion-pound fines. Taxpayer-backed Lloyds was hit the hardest with £14 billion in tow for its PPI refunds package, about half of the entire UK bill.
Banks had failed to stop PPI early due to their own carelessness, which included not advertising about consumer rights to claim insurance refunds. Rogue claims management companies took over the role. Their activities pushed up banks’ administration costs for processing PPI claims with the Financial Ombudsman.
Ending the Cold Calling Industry
Rogue CMCs have given our industry a bad name. However, proper CMCs like us do not encourage or practice these activities. But everyone, including us, are tired of rogue CMCs. While we can adapt to new ways to help individuals reclaim what is rightfully theirs, these criminals ought to vanish smoothly.
Millions of UK consumers complain about cold calls and text messages. While these companies are breaking the law, the government is powerless to enforce much of its laws against the CMCs because they are numerous in the United Kingdom.
Ending the PPI scandal will give PPI its much-needed return to function and profitability while providing the proper security for consumers. However, all of this is up to the banks to implement and guarantee to avoid another financial scandal of similar intensity.