PPI News – What Now For PPI Refunds?

In a recent judicial review, brought by BBA (principally), against the updates of the Financial Services Authority (FSA) and Financial Ombudsman Services (FOS), and the judges rejected BBA’s arguments claiming the rules were unfair because they were retrospective.

The BBA isn’t going to ask for an appeal; therefore, all the claims which were put on hold during the case are being processed. Although it might take some time, these claims will be paid out.

So, how much compensation can claimants expect to receive after this judicial holding?

The amount will depend on how many individuals come forward with valid complaints, and how many cases turn up as a result of the bank reviewing past PPI sales (even in cases the customer has not complained). The FSA estimated in 2010 that the rules increase the number of complaints to 550,000 a year, for the next five years.

Although it isn’t certain, the FSA has estimated that an individual who had been mis-sold by a lender (single-premium policy), where all costs were paid upfront, can expect 1,800 pounds. An individual who bought a policy requiring regular premiums can expect to receive about 900 pounds. If you have not filed a complaint, and feel you have been mis-sold, you can begin the claims process now.

It is Possible To Claim Back All Your  PPI Yourself. Just Take A Look HERE.

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