Dec
08
2010
Umbrella company contractors told 'banks still stalling on PPI claims'
Posted by John Crawley
New rules set up by the Financial Services Authority (FSA) regarding payment protection insurance (PPI) are being defied by banks, company umbrella contractors have been told.
According to MoneySavingExpert.com, in a desperate fight to hold onto around £2 billion in mis-sold debt insurance, most of the members of the British Bankers' Association (BBA) are holding back until the end of a judicial review before adopting the rules.
The High Court review is looking to overturn the FSA rules, which went into place last Wednesday, where banks would be forced to check past sales of PPI.
Wherever those with umbrella companies have been mis-sold PPI, banks are expected to contact the customer involved and offer refunds.
However, a BBI spokesman commented: "While there is a legal challenge, the issue of implementing the rules falls away."
Recently, Jonathan Davis, economist and wealth manager at Jonathan Davis Wealth Management, advised contractors to submit any mis-sold PPI claims now to avoid rejection later.
New rules set up by the Financial Services Authority (FSA) regarding payment protection insurance (PPI) are being defied by banks, company umbrella contractors have been told.
According to MoneySavingExpert.com, in a desperate fight to hold onto around £2 billion in mis-sold debt insurance, most of the members of the British Bankers' Association (BBA) are holding back until the end of a judicial review before adopting the rules.
The High Court review is looking to overturn the FSA rules, which went into place last Wednesday, where banks would be forced to check past sales of PPI.
Wherever those with umbrella companies have been mis-sold PPI, banks are expected to contact the customer involved and offer refunds.
However, a BBI spokesman commented: "While there is a legal challenge, the issue of implementing the rules falls away."
Recently, Jonathan Davis, economist and wealth manager at Jonathan Davis Wealth Management, advised contractors to submit any mis-sold PPI claims now to avoid rejection later.