PPI News-HSBC Given More Time to Deal with PPI Complaints

Due to the high volume of complaints and claims which banks have been getting after the judicial hearing early in 2011, HSBC has been allotted extra time by the Financial Services Authority (FSA) to deal with the claims and complaints which they cannot keep up with, due to the millions of filings by consumers in regards to PPI insurance claims.

Mid June, 2011, the FSA allotted certain banks extra time to pay out on these claims, which are coming in by the thousands per week. Normally banks have 8 weeks to pay out, or at least reply to a claim, however, tens of thousands of claims have been put on hold (due to the court proceedings), therefore these banks have been given extra time to deal with claims which were on hold, and the claims which are currently still coming in. The new complaints which are coming in (after the judicial review hearing in April), but which are received before August 31 of 2011, must be handled by the banks within a period of 16 weeks.

Those received after (at the end of August), must be dealt within a 12 week period; and, anything after this time period banks have the normal 8 weeks to handle.

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