Banks Forced To Invite Millions More PPI Claims
Published / Last Updated on 05/03/2012
Banks Forced To Invite Millions More PPI Claims.
Banks are starting to write to millions of customers explaining that they might have been mis-sold payment protection insurance (PPI). The Financial Services Authority (FSA) has ordered these letters to be written in clear, jargon-free language. Customers will need to respond to the letters to make a claim for compensation.
PPI was supposed to repay people's loans if their income dropped because they fell ill or lost their jobs, but thousands of people were mis-sold the policies.
The FSA expects banks to write a total of anything between 4 million and 12 million letters to customers who might have been affected.