PPI fine is tip of the iceberg

Leading regulated claims management firm BrunelFranklin.com predicts further fines for PPI vendors in 2008

[ClickPress, Fri Feb 29 2008] Leading regulated claims management firm BrunelFranklin.com predicts further fines for PPI vendors in 2008, and a surge of claims as millions of consumers become more aware that they have been mis-sold PPI.

Anthony M Sultan, Managing Director of Brunelfranklin.com and its specialist PPI compensation service conkers.co.uk said: “The recent action taken by the Regulator in fining HFC is greatly welcomed, considering the findings of its own research in September 2007 which showed that the majority of companies surveyed were ignoring the Regulator’s earlier guidance and were still routinely mis-selling PPI policies.

“Companies cannot ignore the Regulator with impunity and cannot expect to get away with it. The fine sends out a clear message to other vendors that they cannot continue with the widespread mis-selling of worthless PPI policies that many consumers don’t even know they have.

”Whilst we welcome the fine imposed on HFC, the amount of the fine is miniscule when you consider the scale of the mis-selling scandal, and the amounts involved. We would like to see the FSA imposing higher fines in the future, that better reflect the disgraceful way which consumers have been treated.

“It is estimated that there are 25 million PPI policies currently in force in the UK. From the thousands of claims that we are currently processing, we believe the vast majority have been mis-sold. It appears that the PPI mis-selling scandal is even greater than that experienced with endowment policies.”
ENDS

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