Paying Out On Mis sold PPI Claims
A marketing expert in the UK has criticized a Payment Protection Insurance (PPI) consultation policy issued by the Competition Commission for not doing anything to help the 12 million plus policy holders who have been victims of missold ppi. They have still not got the compensation that they are supposed to get.
“Instead of focusing on returning PPI payments to consumers, the Competition Commission – backed by the Office of Fair Trading and the Financial Services Authority – is adding insult to injury by running free technical briefings this summer to teach banks and lenders how to legitimately market their rip-off PPI policies,” said Tim Hunt, a journalist and marketing professional who has advised companies for more than 25 years.
“It’s not future remedies that the public needs, they want their money back right now for being mis-sold PPIs over the past decade. And, fancy new marketing and sales techniques won’t disguise the fact that PPIs are fundamentally flawed. Even you will agree that PPI is usually a poor deal and the consumer has been stitched up.”
He has also criticized the OFT for choosing not to take action on getting payment protection insurance payments back to consumers but instead passing the buck back to the Competition Commission. Along with that, he also blames the FSA for making controversial statements but doing precious little when it comes to intervening and solving the issue. He has also cited the example of a recent speech made by the FSA MD of Retail Markets who strategically admitted to the fact that many providers and distributors were aware of the issues that needed to be rectified beforehand, but did nothing to salvage the situation. Read more here…