The Financial Services Compensation Scheme (FSCS) is essentially a body that is concerned with providing assumptions related to claims and funding for the coming financial years. It has recently come out with a forecast that there would probably be an increase in payment protection insurance (PPI) compensation claims in the months to come and...
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Payment protection insurance (PPI) is a policy handed out when you sign a loan or credit card agreement. It is meant to cover your monthly credit card or loan payments if you happen to fall seriously ill, are suddenly unemployed or get into an accident which means you will not be able to cover...
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There’s good reason as to why people are looking at ppi claims and how they can get their money back. When somebody applies for a card or a loan, a Payment Protection Insurance plan is sold alongside, promising help in making sure the completion of their payments during a period of sudden unemployment or incapacity...
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Previously the City watchdog had given clear indications on the total numbers of PPI customers who were misguided into purchasing the policy. In several speeches on the state of the PPI claims market, Stuart King, Head of Market Intelligence at the FSA, said that payment protection policies have been mis-sold by several dozen financial institutions...
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The Competition Commission revealed in 2008 that the PPI market is being overcharged by £1.4bn per year. Since there is a distinct lack of competition in the areas of PPI, it said there is a clear lack of options for the end-customer. The FSA had earlier published several reports on the PPI market while several...
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In October 2006 the Office of Fair Trading (OFT) estimated there was currently 20 million PPI policies in force, with a further seven million being sold each year. Profits on these policies are believed to be in the region of £5bn, not an insignificant amount. Statistically only 20% of the capital collected in premiums is...
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