Banks Find Yet Another Way To Manipulate Clients
An investigation by the BBC has revealed that the new way banks are trying to manipulate its clients by underpaying their PPI compensation by discluding fees and charges. Some people have been underpaid by a whopping half the amount they were entitled to.
The organisations under the microscope are LLoyds Barclays MBNA and Capital One. They have been found to be paying back premiums but not including fees and charges triggered by the policies. In total predictions have stated around £1bn is owed.
The banks told the BBC that they have made every effort to produce the right amount of compensation however experts have commented saying this is just another way for them to reduce bills.
Mark Pascoe a customer of MBNA credit card firm was paid a sum of £5800. Whilst this may seem like a lot of money the management company advising him said he should have received twice that amount.
Lloyds said it would carry out an investigation if a customer pledged a complaint against underpaid PPI compensation but regulators said banks should be making fees and charges a matter of course.
Barclays admitted that previous systems for working out compensation had not properly taken the overall effect of fees and charges into consideration but said they would now be introducing an enhanced method that would enable them to move from monthly assessments to cumulative.
Anyone claiming mis-sold PPI compensation should make sure they seek an advisor to help gain the amount they deserve.