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PPI Claims to be Reopened

The FCA (Financial Conduct Authority) have ordered banks, credit card companies and building socieites to re-open PPI Claims to asesss whether the claims for repayment were unfairly rejected. It is thought that there are over 2.5 million claims that will be looked at agin to ensure that a fair and correct decision has been made.



To date over £16 million has been repaid for mis-sold PPI but that figure could be swollen considerably as these claims are re-assessed. Some customers who have already received a payout may get a further payment if it has been decided that the payment was not as sure as it should be.

 

Roughly seven out of every ten claims is upheld, but a recent dip in the number of payouts has caused the FCA to order the financial instituitions to look again at these cases.