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UK banks 'stalling on PPI payouts'

24 April 2013 at 16:27

UK banks 'stalling on PPI payouts'Banks in the UK are stalling when paying compensation for payment protection insurance (PPI) mis-selling, it has been suggested.

According to claims management company Emcas, banks are rejecting around one-third of PPI grievances from customers, which is serving to create backlogs and delays before the cases can be settled, the Daily Telegraph reports.

Craig Bernhardt, chief executive of the company, noted PPI claimants rejected by banks should not lose heart, as the Financial Ombudsman Service (FOS) is upholding many of the cases that comes its way.

There are concerns, therefore,  that banks are turning down legitimate claims and a spokesman for the FOS said: "If claims were being resolved in the first instance, it would be better for everyone concerned."

In response,  the British Bankers' Association has denied that lenders are rejecting these claims on purpose, adding it is working alongside the ombudsman in the hope that an improved system will be created for customers.

Posted by James HarrisonADNFCR-3006-ID-801576511-ADNFCR



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