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Vow to make PPI complaints easier
Financial services providers have vowed to make it easier for customers to make complaints about payment protection insurance (PPI).
Banks have agreed to provide more information online following an investigation by Which? and Moneysavingexpert.com. Of the nine providers checked as part of the study, it was found there was a "significant variation" in the amount of PPI information available.
The two groups are now calling on the Government to tighten up the regulations governing third-party claims management companies who charge fees for a process they say customers can do themselves.
Richard Lloyd, Which? executive director, said: "There's much more to be done, but we are starting to see progress with the banks taking action to make it easier for their customers to get back the money they are owed if they have been mis-sold.
"We now need to see the Government raise its game and speed up its plans to tighten up regulation of unscrupulous claims management companies who are exploiting consumers who just want to claim back what is rightfully theirs."
Martin Lewis, from Moneysavingexpert.com, said: "PPI reclaiming is big money for many and so people are naturally intimidated by the process and worried by small things. Sadly many unnecessarily pay thousands in claims management fees, when a simple question like 'was this insurance definitely PPI?' stumps them.
"That's why the banks need to make it easier and simpler for people to claim directly from them, providing their records more easily, and clarifying basic questions.
"We've worked with them to introduce simple improvements so there is clear, relevant and up-to-date information which should end up meaning, collectively, people keep hundreds of millions of pounds more of their own cash - and that's a winner."
According to the two groups, only £3.5 billion of the £9 billion set aside to compensate mis-sold PPI has been given back to consumers so far.