PPI News Update

The Latest Updates on PPI or Payment Protection Insurance.

Three of the largest banks in Britain has and execution to say and continue to handle complaints on the mis-sold payment protection insurance also known as PPI. However, as of July 6, 2011 there has been a new update on the PPI. As mentioned, the three largest banks have a stay of execution.

Barclays, HSBC, RBS/NatWest, and Lloyd’s Banking Group was granted temporary official pardon by the Financial Services Authority. This temporary reprieve is to allow them take care of the backlog of complaints.

However, these institutions are under strict deadlines. In order the have a final opportunity to appease the consumers that have been under anguish.

Many consumers have been waiting for months to learn if the mis-sold PPI’s has to pay them back. The importance of this is to make banks remember the Financial Service Authority gave them enough time to clear up this problem within the temporary deadline to deal with the thousands of Payment Protection Insurance (PPI).

Granting this temporary stay for these three banks is due to the banks not dealing with the PPI Claims that they received. Instead of handling the issues, the banks put the mis-sold cases on hold in order to pursue a review from the judicial orders.

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