Payment protection insurance claims – Don’t bank on it
Think banks have reformed and are putting their houses in order? It raised eyebrows when it was reported this week that Lloyds Banking Group and Deloitte, the financial service firm that operated their call centre, had failed customers by wrongly rejecting their claims for compensation relating to payment protection insurance claims – a scandal upon scandal.
An undercover reporter from the Times said he “was told to ignore possible fraud by Lloyds salesmen and that most complainants would give up if rejected the first time”.
The revelations are obviously more than a little embarrassing for Lloyds, as this week parliament is finalising a report on how to improve standards in banking! The Financial Conduct Authority is carrying out a review of the way banks handle claims.
Banks are currently sorting through claims for mis-selling Interest Rate Swaps and only recently Lloyds Bank (yes, them again!) was criticized for miscalculating the amount payable under the redress scheme for interest rate swap mis-selling. The Financial Conduct Authority is believed to have been very concerned at the terms offered and ordered Lloyds to revise the compensation agreement.
Who can consumers turn to for help?
When consumers cannot trust banks to carry out fair reviews and deal with financial loss claims justly, it is unsurprising that many turn to solicitors to fight their cause and ensure they are compensated for losses arising out of bank mis-selling. With the experience, expertise and determination of lawyers they can ensure their claims are not unjustly rejected and can obtain proper compensation for their losses.
This is particularly important where the financial product is inherently complex, such as those that are linked to interest rate swaps. If a customer does not put his “best foot forward” he may unwittingly prejudice his claim and lose out.
Read more about interest rate swaps and general financial negligence claims.
