Extension Form PPI Complaints
Consumers that have been mis-sold Payment Protection Insurance on loans they have taken have been given some breathing space to submit their claim for compensation by the Financial Services Authority (FSA)
The Financial Services Authority (FSA) has today said those who have made a recent complaint about PPI mis-selling have got five months longer than usual to do it.
The usual time limit to make a complaint to the independent authority is six months of a final rejection or final response from your financial provider, however this has now been suspended until the 27th October 2010, for complaints that have been lodged and have received a final response from their PPI provider between the dates of 28th November 2009 and 28th April 2010.
The Financial Services Authority says it has been working on a long term solution to the PPI scandal. The long term solution is thought to detail how customers should be treated when complaining about a PPI policy they have taken, the action also ensures how that recent PPI complainants are not disadvantaged.
In the latest annual report released by the FOS they have revealed that 30% of new cases for the year to the end of March 2010 where related to PPI complaints.
The financial watchdog said that it had dealt with nearly 50,000 PPI complaints, compared with just 31,066 over the previous 12 month period. Whilst a proportion of these were related to PPI claims, the vast majority where related to complaints about how customers had been sold their PPI product.
On average, it is thought that PPI related complaints amount to around 135 each day. Many firms automatically reject PPI claims, yet the financial services ombudsman then upholds, on average, 90% of consumer protests it handles.
To Claim Payment Protection Insurance ask the experts to help. Contact Donns LLP to help Claim PPI back.
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