Response to the Financial Conduct Authority (FCA) announcement on PPI claims handling by medium sized firms

Richard Lloyd, Which? executive director said:

“This is further evidence that some firms are not dealing with PPI complaints properly and are fobbing off customers who have genuine complaints. People deserve to get back what they’re rightly owed, with minimum hassle.

“We want the FCA to name and shame the firms who are not treating their customers fairly and follow up with tough action, including heavy fines, against anyone found breaking the rules.”

To make it easier for consumers to get back PPI compensation, Which? would like:

  • FCA to name and shame all firms that are not treating customers fairly.
  • FCA to levy high fines on providers with poor quality complaints handling.
  • FCA should take enforcement action against individuals responsible for overseeing banks’ PPI complaints handling.

Notes to editors:

  1. Use our free online tool to put in your claim for a PPI refund.
  2. The total PPI provisions across all banks is now a staggering £18.8 billion – more than double the cost of the Olympic Games (£8.9 billion)