Despite the efforts of the financial services industry to deter the FSA from bringing in sanctions, new controls will force firms to deal with old cases of complaints about mis-selling of Payment Protection Insurance (PPI). 

Bolstered by a campaign by consumer groups such as Which? and the CAB, and investigations by the Office of Fair Trading (OFT) and the Competition Commission, the FSA ‘s own  investigation found "wide and deep evidence of weaknesses in PPI sales and  that here has been a dramatic increase in the number of PPI complaints in the past two to three years, alongside

It revealed that firms had been turning down almost half of the PPI complaints they received, and that some had rejected nearly all their complaints.

Following rejection of their complaints many had turned to the Financial Ombudsman for help and in the majority of cases, their complaints had been upheld.

 The main points of the new rules are that complainants

• should be reimbursed their PPI premiums, plus interest, if the firm decides the customer would not have bought the policy in the first place and that

• where the premium was a single payment up-front, if the firm concludes the customer would have bought a regular premium policy instead, he or she should be put back in the position they would have been had they done so.

Two and three quarter million people could be refunded as much as £2.7bn for being mis-sold Payment Protection Insurance (PPI).

HSBC and Lloyds have stopped selling PPI and the Competition Commission is expected to announce rules soon to prohibit the sale of PPI policies at the point when a loan is granted.

If you need help with claiming back Payment Protection Insurance (PPI) then we can help. Debtwizard.com has an arrangement with a firm of solicitors that will help consumers claim back their payments when it has been proven that they were mis-sold PPI. We also have a section for you to do this yourself.

Solicitors that help

PPI template letters