Vickie Sheriff, Which? Director of Campaigns and Communications, said:
“It’s been clear for years that the banks should be working much harder to resolve PPI claims fairly. The current process has been wholly inadequate and driven too many consumers to use claims management companies. Now the regulator has confirmed a deadline for the victims of this mis-selling scandal to make a claim, it must ensure that banks are doing much more to help customers get back the money they are owed.”
- For more information on how to reclaim mis-sold PPI, consumers can use the free guide and tools on the Which? Consumer Rights website to keep 100% of their compensation – http://www.which.co.uk/ppi
- The total amount now set aside by the big five banks alone for PPI compensation is more than £35 billion: Lloyds (£17bn), Barclays (£8.6bn), RBS (£4.9bn), HSBC (£3.3bn), Santander (£1.4bn).