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Mis-sold PPI – The UK 's £5.5 Billion ‘Protection Racket'.
If you have borrowed money in the form of a loan, credit card, or mortgage you may have been mis-sold Payment Protection Insurance (PPI), which could mean that you are eligible to claim compensation.
The combined sales of Payment Protection Insurance (PPI) are thought to exceed £5.5 billion a year (1) . Whilst the market is extremely lucrative for the financial institutions involved, there is a growing body of evidence to suggest that the actual needs and requirements of individual customers are being ignored in the pursuit of ever increasing profits.
The fundamental neglect of customers has resulted in the widespread mis-sale of PPI throughout the financial sector. Indeed, the practices of the industry are currently under investigation by the Financial Services Authority and the Competition Commission , the latter of whom were asked to investigate the problem as a result of a Super Complaint by the Citizens Advice Bureau to the Office of Fair Trading . Within this complaint, the industry was branded as being nothing more than a ‘ Protection Racket' (2) .
As there are many possible grounds of mis-sale, policyholders are often unaware of the fact that they may be a victim of this emerging scandal . Here at Vendside Limited, we are able to use our specialist experience in pursuing claims for mis-sold financial products to offer you a Free Assessment of your case.
To discover more about mis-sold PPI, please follow the links to the right or Apply Online. Alternatively, you may wish to contact one of our advisors on freephone 0800 068 1573.
1.Payment protection insurance - The OFT's reasons for making a market investigation reference to the Competition Commission – Feb 2007
2.Protection racket - CAB evidence on the cost and effectiveness of payment protection insurance
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