As the Financial Services Authority (FSA) publishes the latest round of complaints data on individual financial businesses for the last six months in 2010, Which? Chief Executive Peter Vicary-Smith says:
“A 63% increase in the number of Payment Protection Insurance (PPI) complaints shows the widespread mis-selling that’s been going on for years. With almost half a million PPI complaints made in six months, the industry has to stop trying to wriggle out of its responsibility to customers. We’re also seeing a worrying trend of banks using the Judicial Review as an excuse to delay processing complaints.
“When bonus structures reward staff for selling products which may be unsuitable, is it any wonder that we’ve been left with this mess? We really need bonus schemes that are linked to the fair resolution of complaints.”
Which? believes that people could claim billions of pounds in mis-sold PPI. To make the process easier, it has created an online PPI complaints tool – www.which.co.uk/ppiclaim.
Which? recommends that anyone who wants to complain but is stalled by their financial provider, should take their compliant to the Financial Ombudsman (FOS).
Source : Which? Press Release
