The latest saga regarding Payment Protection Insurance (PPI) found new problems with complaint handling procedures by many financial firms.
The Financial Conduct Authority’s (FCA) latest report shows two thirds of the 18 companies spot checked have been handling PPI complaints unfairly, leaving just six to be delivering fair outcomes.
The companies in question were mid-sized to smaller lenders dealing with around 16 percent of the industries’ total, approximately 1 million in PPI complaints.
The Director of Supervision at the FCA, said: “We expect firms to deliver fair outcomes to PPI complainants. In our review, we found that some firms are doing this while it is clear others still have some way to go”.
The Regulators have now addressed larger firms handling PPI complaints. The result of this assessment will be published at a later date.