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Daily Insurance Industry News
Friday 19th of January 2018
October 13, 2010

Banks delay PPI complaints handling

by Gill Montia

Story link: Banks delay PPI complaints handling

Banks delay PPI complaints handling Banks delay PPI complaints handling

Consumers who have brought legitimate complaints about Payment Protection Insurance (PPI) sold by banks could face delays of many months in receiving compensation.

The British Bankers’ Association (BBA) has recently requested a judicial review of some decisions made by the Financial Services Authority (FSA) and the Financial Ombudsman Service, in relation to PPI.

The move relates to new measures on PPI complaints handling from the FSA, due to be introduced later this year.

The regulator has responded by promising a vigorous defence and warning “firms will be expected to continue handling complaints while this process is ongoing”.

However, the BBA is now saying that its members “will only continue to handle PPI complaints where the assessment of the complaint would not be affected by the judicial review”.

The BBA has assured consumers that all complaints will be reviewed “even those delayed by this judicial review process”.

Where a complaint will be impacted by the judicial review, and cannot be resolved, banks will write to inform their customers.

 

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