90% of PPI complaints upheld at FOS…yet banks say PPI sales were ‘correct and appropriate’

From: BeyondPR
Published: Sun May 23 2010

Eric Leenders, Executive Director of Retail Banking at the BBA, said the banks had "absolutely sold PPI by the letter of the rule book" and that PPI complaints at the FOS were being "upheld because of technicalities". He went on to say he was absolutely defending the way PPI was sold…"the way we have been selling PPI has been correct and appropriate."

The Chief Ombudsman at FOS replied "That’s not the evidence we have been finding" and stated that there were a number of problems with the way PPI had been mis-sold. She went on to say that across the board, FOS finds 50% in favour of the consumer, on average, whereas for PPI the figure is a startling 90%.

Sally Bowyer, managing director of BrunelFranklin.com , said: "The fact that the BBA says PPI sales have been correct and appropriate beggars belief. With the Ombudsman upholding 90% of PPI cases versus just 50% of insurance cases upheld in general, the facts speak for themselves. In Brunel Franklin’s experience, PPI does appear to have been mis-sold in a blanket and systemic way.

"If a person’s PPI policy cost more than the car for which they took out the original loan, or they discover months or years down the line that PPI was automatically added to their loan without their knowledge, we believe most reasonable people would consider this to be an outrageous state of affairs. Yet, while these real example are extreme, they are by no means unrepresentative of the blanket PPI mis-selling that is still drawn to our attention on a daily basis."

Millions of people may still be unaware however that they were sold PPI months or years ago.
Some commentators believe up to 35 million policies are in existence and that the vast majority may have been mis-sold. "If that is indeed the case", continued Sally Bowyer, "the numbers of people who have claimed so far is the tip of the iceberg and there is still an awareness problem. We have seen a 500% increase in PPI claims over the period Jan-April and this surge shows no sign of any let up."

Brunel Franklin accepts that PPI is not a bad product per se, however the onus is on the vendor to ensure the product is the best for your needs at the time of sale. Brunel Franklin wholly supports the recent recommendation by The Competition Commission to de-couple the sale of PPI at the point of sale of a loan or other credit agreement.

If you think you have grounds for a PPI claim, then contact Brunel Franklin’s team of highly experienced staff. You can telephone the company free of charge on 0800 0515451 or for more information, why not log onto the website at www.brunelfranklin.com
The website contains much useful information, testimonials from satisfied clients and a simple
60-second test to see if you have grounds for a claim. Brunel Franklin’s average win against mis-sold PPI policies is well over £2,000.

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