Which? is calling for a set of strong communication guidelines for banks to communicate with consumers about PPI redress. Which? is responding to draft PPI communication guidance for financial providers, published by the FSA today.
Which? executive director, Richard Lloyd, says:
“We’ve seen some really poor examples of communication from banks to their customers. There is no excuse for banks making the PPI mess even worse through unclear and confusing contact with customers entitled to compensation.
“Paying back mis-sold PPI promptly must be a priority for lenders that made billions from this deeply flawed product. It’s essential that the regulator’s new guidelines require all financial providers to be clear with people about their rights to a claim, the process and the timeframes for lodging a complaint.
“The message from Which? to anyone who thinks they might have been mis-sold PPI is simple: contact your lender, it’s easy and free to do, and don’t make the expensive mistake of paying a claims management company to do it for you.”