Over ten years ago the first claims against Payment Protection Insurance (PPI) were made and from there mis-selling has spiralled out of control (1). Since then, for the PPI scandal alone, £26 billion pounds has been set aside to compensate those consumers who have been affected (2). Although the mis-selling of PPI has long since come to an end, there are still thousands of policyholders who are still yet to make a claim.
The FCA are expected to advise that they intend to go ahead with a deadline for PPI claims, estimated to be sometime in 2018 (3). If they do proceed, anyone affected by the mis-selling of Payment Protection Insurance who doesn’t make a claim before then will be unable to do so and therefore lose any money that they could be entitled to.
Although Endowment Policies were the start of the era of financial mis-selling and one of the most widely mis-sold products, the mis-selling of Payment Protection Insurance devastated the market and turned financial mis-selling into the high profile issue it is today. However, the industry wide scandal will unlikely come to a close with the demise of PPI, mainly due to the numerous other financial products that have been mis-sold to consumers on such a large scale.
Some of the largest high street lenders have mis-advised their clients over the years into purchasing products that are not suitable for them. Mis-sold products, such as mis-sold Investment Policies and mis-sold Pensions, often have a huge impact on the policy holder’s futures and financial stability.
Many of our clients have been mis-advised about these products, along with other financial policies and agreements. Package Bank Accounts were often mis-sold to people who couldn’t use the benefits or would have had no need to use them, such as car insurance for non-drivers. Endowment Mortgages, which often left the policyholder still owing money even after the policy had been paid off.
In far too many cases the effects of this mis-selling can result in the policy holder being in a worse financial position than they were before, have a policy that they may be ineligible to use or have been paying for something they do not need. In any case this can leave the client financially out of pocket and feeling let down by their bank.
Anybody could have been affected by mis-selling, sometimes without even realising. But there are some useful ways you can determine if you could have been mis-sold;
The policy didn’t perform as you were advised or expected it to.
You were not advised about the Terms & Conditions and as a result you would not be able to use the policy even if you needed to.
You didn’t need the product but were advised to take out the policy in order to qualify for other services, such as overdrafts or loans.
You were not aware you had the policy or were paying for it.
Sadly, many of our clients have been affected by situations like these and unfortunately they are still far too common. Already we have managed to claim back over half a billion pounds for those affected, across a variety of mis-sold products and policies. Regardless of what mis-selling you have, or believe you have been affected by, we will always do what is right for our clients and make sure you get the outcome you deserve.
EMCAS have over a decade of experience tackling international banking groups and we work to ensure you get any money you could be owed.
If you know you have been mis-sold or would simply like to check then please call us free of charge on 0800 0934 306 or contact us to request a call back.
(1) How the PPI scandal unfolded – The Guardian
(2) Five years on - and £26bn later - it's time to call an end to the PPI farce – The Independent
(3) 1.5 million people reclaim PPI from Barclays – Money Wise