The FCA has estimated that 64 million PPI policies were sold in the UK between 1990 and 2010.
And while not all of these would have been mis-sold, clearly there are still many people who haven’t decided whether to take action.
Text messages and phone calls from claims management companies have been a feature of the PPI mis-selling scandal (an annoying one for all of us!).
But it certainly isn’t the case that everyone who complains about PPI pays a company to do it for them, and there is no reason why you should.
Ombudsman figures show that in about a third of the 1.5 million PPI complaints they’ve resolved so far, the people involved did it themselves. Not only that, but they were no less likely to have their complaints upheld, and of course, they didn’t lose out on any of their compensation through having to pay claims managers’ fees.
With the FCA’s deadline now in place, it’s more important than ever that anyone wanting to pursue a claim for mis-advice do so soon. The deadline is 29th August 2019.
What should be clear to potential claimants though is that the systems in place to protect the consumer are there where a ‘genuine’ wrong has been done. Claims made for a ‘mis-sale’ are time consuming and expensive for the companies involved, and whilst the bigger companies have put aside billions of pounds to compensate and deal with the issues they are involved in, the smaller adviser (who may have advised completely appropriately at the time) can sometimes suffer at the hands of the ‘claims culture that the PPI scandal has given birth to, getting caught up in the belief by the public that all you need to do is make a ‘claim’ to get £1000’s back in compensation.
We have always advised what is in the interest of our customers, checking cover they may already have before making personal recommendations, and checking their understanding before proceeding. This is the way advice should work…additionally periodic reviews should take place to ensure past advice is still appropriate given any changes to the customer’s circumstances, needs and attitudes to risk too.
As with anything else if you want to discuss any aspects of this post, then please get in touch.
Landline 01525 877650 or mobile 07710 770969