Bombarded with texts? Frustrated by cold calls? You might, like many people have frankly had enough of claims management companies.
Martin Wheatley, of the Financial Services Authority, is to call time on the era where banks made pots of cash from commission.
Banks who ripped off millions of people selling worthless insurance policies must now make amends. ITV News Chris Choi reports.
Taxpayer-backed Lloyds Banking Group has revealed lower-than-expected profits after it took an additional £375 million hit to cover payment protection insurance (PPI) claims.
The 40 per cent state-owned bank has now set aside nearly £3.8 billion to deal with PPI compensation after a recent increase in the volume of claims.
Lloyds, which warned that the final cost of the PPI mis-selling scandal may change, revealed pre-tax profits of £288 million for the three months to March 31, compared with £316 million in the previous quarter and City expectations of £500 million.
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:
If you receive a letter, it's important to consider your PPI purchase carefully and if you feel you have been a victim of poor practice - please do respond to the firm.
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.