A new website, http://www.ppinews.co.uk has been launched to keep pressure on regulatory authorities, banks and insurance companies to compensate up to 12 million UK consumers who have been mis-sold billions of pounds of Payment Protection Insurance.
Four years ago, Citizens Advice lodged a super complaint about PPI and called on the Office of Fair Trading and regulators to act. However, that progress has been painfully slow and that unsavoury PPI marketing and sales techniques continued to dupe British consumers out of GBP5 billion annually.
Tim Hunt, a journalist and marketing expert, said: The Competition Commission, Financial Standards Authority and the Office of Fair Trading all agree that PPI’s have been mis-sold but failed the British consumer by not forcing these policy providers to compensate victims of this huge scam.
If a consumer wants to get their PPI payments back today, they are forced into a ridiculous charade of writing a string of recorded delivery letters to their policy provider until there is sufficient evidence to then submit each individual case to the Financial Ombudsman Service for resolution. This takes months of effort, huge amounts of stress and anxiety on the consumers’ part, and the PPI touts know that most victims will simply give up, he added.
