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Does anyone know how banks fail?

Payment protection mis-selling by the UK banks? does anyone know when the banks will start paying back its customers who have been mis-sold?

  • Answer:

    The banks have been forced to repay since the tidal wave of complaints from their customers began around early 2007. Now the regulator has said that banks will be required to proactively contact their customers to put things right. This isn't actually anything new, banks have always been required to analyse the root cause of mass complaints and contact people who may have been affected. Still, they are focussing on trying to limit their exposure by calling for the regulator to impose time limits on claims. Recently, banks have been rejecting claims en mass and burdening the FOS with the trouble of having to resolve disputes. This is likely to get worse before it gets better so if you have a claim I'd suggest you don't delay.

Karl Griffin at Quora Visit the source

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Timothy Capper

This is Money has campaigned next to the wide-spread mis-selling of PPI since  2006. Soon after lengthy legal rows, the door is open up for customers wrongly  sold http://ppiguide.org.uk/ policy to claim compensation.

Lourdes Michael

A great resource for getting advice on how you can claim PPI if it has been mis-sold to you is on the Financial Ombudsman site as Karl suggested http://www.financial-ombudsman.org.uk/contact/PPI-your-case.html The FOS do say it will take years not months to sort all the issues involved so the sooner you get in touch with them with your claim the better

Jeffery Nevil

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