A new website at 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.
“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,” said journalist and marketing expert, Tim Hunt.
“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,” said Tim.
Citizens Advice lodged a Super Complaint four years ago about PPI and called on the OFT and regulators to act. However, Tim says that progress has been painfully slow and that unsavoury PPI marketing and sales techniques continued to dupe British consumers out of GBP5 billion annually.
“To add insult to our injury, this summer the Competition Commission is running free events for PPI providers instructing them on how to continue to market their fundamentally flawed PPI policies. It’s not more marketing hype and small print that consumers need, they want their money back for being mis-sold PPIs in the first place.
“If you are unfortunate enough to be paying for PPI cover today, its poor value is further depleted with rip-off providers now pulling new tricks by raising premiums or reducing cover to maintain their fat profits.
“The Financial Ombudsman Service admit to receiving thousands of PPI complaints making it the biggest single source of UK public grievance yet nothing is being done to force compensation. And, even Which? state that PPIs are usually a poor deal, so why are they still allowed to be sold?
“The only way to win is to do what Brits do best, stand up and not let these charlatans get away with our hard-earned money. I built http://www.PPInews.co.uk because I want this to be a thorn in the side of bumbling bureaucrats, banks and loans bullies.”