Category Archives: Finance

Financial Conduct Authority Reveals PPI Claims Investigation Results

According to the Financial Conduct Authority, only 6 out of 18 banks are complying with the standards and proper processing of PPI claims. The remaining banks are still “slowing down” the entire PPI claims process. FCA Chief Executive Martin Wheatley said that he expected payment protection insurance complaints to die down in months, but he said that “it was not the case”.

PPI is the most complained-about financial product in the United Kingdom, meriting 75% of the total complaints the Financial Ombudsman Services currently receives. Anybody intending to make a claim is advised to work with a PPI Claims Company to aid in legal counsel and precise repayment estimates.

The Financial Ombudsman Service confirmed that it received around 266,000 PPI complaints in the first two quarters of 2013 marking a significant increase of 26% from the last quarter of 2012. According to Chief Ombudsman Natalie Ceeney, banks are still “dragging their feet” to address the situation.

The investigation of the Financial Conduct Authority found that bank call centres do not pay attention to the detail of a PPI’s inclusions and exclusions, enough attention to customer circumstances during the time of sale and could not provide a good reason as for the unnecessary bank delays in the provision of compensation.

 

UK’s “Big Four” Banks Split over Decision for PPI Claims Deadline

UK’s top banks who have mis sold PPI are split about the decision to reach a PPI claim deadline for 2014 due to consumer group concerns about PPI being sold for a decade. Experts say that the deadline will make banks more infamous to customers.

pound-sterling-money-coins-notes-370x229

UK banks have set aside more than £13 billion in PPI compensation and according to experts, the amount could double by the following year. The Financial Services Authority considered the proposal only if the banks launch a country-wide advertisement campaign to encourage customers to make a PPI claim.

A source indicates that at least one UK bank became sceptical about the decision to reach a deadline. The British Banking Authority continues to hold talks with the FSA regarding a possible deadline to remove the great uncertainty surrounding the PPI scandal.

Consumer group Which? says that the banks have not done well in informing customers about their right to make a PPI claim. CEO Peter Vicary-Smith points out that once banks inform their customers, they have a six-year deadline and this is fair. However, because of their failure to address this task, setting a deadline one year from today is unfair.

According to experts, the uncertainty of the PPI claims scandal is costing the industry billions of pounds in expenses and is slowing down the growth of the economy.

The announcement of the possible deadline brought in an influx of consumer claims and PPI claim form downloads reached high numbers in the last few weeks.

What Most Travel Insurance Packages Provide

Any travel package will consist of an insurance policy designed to protect you from basic health dangers associated with the area. You can inquire about this with your travel agent and make adjustments depending on your existing medical condition or the condition of the location’s environment. Listed here are some details of these particular travel insurance packages.

1. Vaccines

Depending on your travel location will be the vaccines supplied by the insurance company. The vaccines usually help you avoid common germ and virus-induced sicknesses and diseases. Taking note of your possible allergies, the insurance company may even provide you with the right medical items needed in case of an attack.

2. Medical Hospital Accommodation

Basic health insurance for travel ensure that you have a hospital room in case of any emergency regardless of your location. The health insurance you have guarantees a partial to full payment of your medical problems that might happen during the trip depending on the premiums you pay for.

3. Baggage Insurance

Your belongings are also safeguarded by most insurance packages, but the level of recovery is also based on the premiums you paid for with your insurance. Paying for a premium price can guarantee that anything you lose during the trip, including clothes, miscellaneous items and anything “tagged” by the insurance company will be recovered with a completely new item.

4. Canceled Trip Repayment

If you cancel your trip any time before you finish your itinerary, your insurance policy could grant you a percentage of refunds from your travel fees for the package. This is the basic premium on virtually every travel insurance and often costs less than the amount you paid for your trip.

PPI Claiming: When Working With Claims Experts

Payment protection insurance claims experts are not really the sure-fire solutions to making your PPI claim succesful; they are only there to help make things easier and faster for you and to ensure that all details of your claim are considered to get your repayments in full. Knowing how to work with a claims expert efficiently is important when considering their service. Here is a list of things you’ll need to remember.

1. Location

Work with a claims management company established near your area or city. Working with a claims expert who lives far away from your location may hamper communications and your regular updates and meetings about your claim. Location is very important just so you can receive news that can help you make the proper adjustments to making your claims succesful.

2. Information

You’ll need the evidences necessary to prove your validity in making your PPI claim successful. Claims experts will need a copy of the following: your first PPI billing statement, your birth certificate, employment certificate, business permit, civil status certificate and a possible medical check-up certificate dated less than six months before you purchased the insurance policy. All of these would help them validate the length of your claim, why you are ineligible for the insurance and how much you are due for refunds.

3. Be Open

Always try to help your claims expert retrieve certain data that you might have about your PPI should you have the access or the information with you. Trust your claims expert; they cannot read your minds nor make miracles. They can only help you make your claim as efficient as can be.