Banks flout official warnings

More than 300,000 borrowers a year are being denied refunds totalling thousands of pounds for rip-off payment protection insurance (PPI) because greedy banks are still automatically rejecting complaints. Banks are blithely ignoring orders from the City watchdog, the Financial Services Authority, which slammed lenders ten months ago for refusing to compensate customers who were mis- sold PPI. The FSA complained that too many people were forced to take their case to the independent Financial Ombudsman Service for a fair decision. Yet the Ombudsman, which settles disputes between consumers and banks, still receives a staggering 1,000 complaints a week about PPI and upholds about 90 pc of cases in favour of the consumer.

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Source: Daily Mail Online - 07/07/2010 07/07/2010

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