Firms cannot pick and choose what they pay PPI compensation for
Citizens Advice has said banks and credit card companies need to put an end to the PPI scandal once and for all as new evidence finds firms may not be paying out for fees and charges occurred for mis-sold products.
Citizens Advice Chief Executive Gillian Guy said:
“Firms should not be short-changing people on their PPI payout. It's not for banks or credit card companies to pick and choose what they provide compensation for. If people have been mis-sold they deserve a full payout which covers all of their losses.
“This is yet more evidence of banks and card providers' utter failure to put things right for PPI customers. This debacle has dragged on for years and is not letting up. The delay in addressing the issue of mis-sold PPI has meant up to £5 billion of people's compensation has ended up in the hands of claims management companies. Firms need to end this scandal once and for all by making sure all those who have been mis-sold get the money they deserve.”
Notes to editors:
- The Citizens Advice service comprises a network of local bureaux, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
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