- 4 updates
The Financial Services Authority (FSA) are beginning to contact customers who have been mis-sold a policy, but have yet to compalin.
The FSA has said that it is 'appropriate' to produce guidance to ensure that firms send PPI customer complaint letters that are "clear, fair and not misleading".
Millions of people who have not already complained about being mis-sold payment protection insurance (PPI) will find out today whether they are entitled to compensation.
£1.9 billion has already been paid to victims who have previously complained, and the FSA believes future compensation could exceed that amount.
Millions of letters to be sent today to victims of mis-sold payment protection insurance (PPI) must be written in jargon-free English. The Financial Standards Authority (FSA) ruled that the language used in letters to victims must be plain and jargon free.
Because response rates to these kind of letters have been historically low, Martin Wheatley, FSA managing director, has urged recipients to read them carefully:
Millions of people who have been mis-sold payment protection insurance (PPI) will find out today whether they are entitled to compensation. Companies that sold the insurance will send between four and 12 million letters to victims, advising them about possible compensation.