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The New PPI reclaim guidelines come into effect on 1st December 2010. All banks and lenders are expected to adopt the new rules put in place by the FSA to make claims handling a more fair process for the consumer. The BBA applied for a judicial review of the new payment protection insurance guidelines and we understand many banks will not be applying these new standards to the claims being processed.
This comes as a massive blow to consumers hoping for a fair deal after being ripped off to the tune of billions of pounds.
Don’t despair if you are one of the thousands of customers waiting for a refund after being mis sold your ppi policy. If your bank refuses to give your money back after 8 weeks you can pass your complaint on to the FOS. The FOS will deal with all ppi claims as per the guidelines. Please note PPI Refunds UK will be adopting the same process if the banks refuse to pay your money back.