As Britain’s Banks, via the British Bankers Association (BBA), lobby for a deadline for new claims to be initiated, it was widely reported in the media at the beginning of the year that the current provisions for compensating consumers of £13 billion are likely to almost double to £25 billion during 2013.
Head of Communications at WFAC, Simon Evans commented:
“To be frank, I am appalled by the attitude of the banks in this matter. To try to seek a deadline that will deny thousands, if not millions of consumers a right to reclaim monies they are rightly owed is not only infuriating, but in my opinion, wrong.
“In the last week alone we have seen a former senior executive of Lloyds, Helen Weir, apologise for the mis-selling of PPI to consumers across every corner of the UK, and admit that the issue has caused a breach of trust between banks and consumers, so it is simply not good enough to make the right noises in public whilst at the same time the banks push hard to deny all consumers a fair opportunity to reclaim their money.
“We should be telling it like it is, the banks are once again looking to keep customers money, which they are not entitled to. This is staggering and in the wake of the banking crisis, the LIBOR scandal and the Wheatley Review, and the record fines that banks are being served with, it beggars belief that it seems they are trying to recoup some of this money by ripping off their own customers yet again.
“Remember these are the very same banks who when it was discovered that they were mis-selling PPI tried every possible avenue to avoid repaying consumers. Not only that they continue to obstruct, delay and argue the point in minute detail in ultimately successful cases, which not only causes delay for consumers but means that the sums repaid are greater due to the interest being added, so how is this value for anyone?
“If we look for example at Lloyds TSB Group, in cases where they are trying to deny the consumer their rightful repayment, the Financial Ombudsman Service (FOS) has adjudicated in favour of the consumer in almost every single case – as they upheld 98% of cases in the first half on 2012. This is another reason why this move from the BBA is so outrageous.
“The answer is simple. If banks really want an early end to the PPI scandal take our advice. Pay every single consumer, such as our customers, their money back tomorrow. No arguments, no delay, pay everyone back all they are owed and the scandal will be over, don’t try to wriggle out of your responsibilities by arguing for a cut-off date.
“My final message is to the FSA, be bold, and continue to treat consumers fairly and deny the banks this opportunity to abrogate their responsibilities. Make banks treat consumers fairly and honestly and allow everyone the opportunity to be compensated by their bank who mis-sold them the product.”
http://www.wefightanyclaim.com/press-releases.html?article_title=Consumer-Fairness-Must-be-at-the-Heart-of-PPI-Deadline-Decisions
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