The National Franchised Dealers Association are pleased to see that the Financial Services Authority has been in discussions with the British Bankers' Association about Payment Protection Insurance (PPI) complaints.
The FSA has been approached by the BBA to discuss the potential for introducing a time limit for PPI complaints - if the banking industry funded a sufficiently widespread advertising campaign to ensure consumers are aware of the PPI issue and how to complain.
Sue Robinson, NFDA Director commented “The NFDA has been concerned for some time at the scale of PPI complaints from claims management companies particularly where little research has been done to establish if the claim is valid.
“Since the Financial Ombudsman Service has imposed additional charges on the retailer for these PPI claims, dealers are now facing significant costs for claims. These additional charges will have to be paid even when the PPI policy was sold correctly or in some cases was never sold at all.
“The NFDA are now lobbying the government to review how these complaints are being handled alongside the activities of the claims management companies.
NOTES TO EDITORS:
Keely Scanlan, Press Officer
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The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.