Re-open Unfairly Rejected PPI Claims

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Petition Action

Re-open Unfairly Rejected PPI Claims

Additional Information

2.4m PPI claims rejected by banks since 2010 are now outside Financial Ombudsman (FOS) jurisdiction because consumers trusted banks to treat their complaint fairly and therefore did not appeal decisions.

Evidence now is most bank rejections were unfair:

• 2010-2013 FOS upheld 64% of PPI appeals

• FOS currently upholds 8 in 10 appeals

• Chief Ombudsman says if banks had adequate processes FOS would only uphold a quarter of appeals

• The Times exposed Lloyds bank for rejecting claims knowing most would not appeal to FOS

We call on HM Treasury and the FCA, to:

1 Force banks to re-open ALL rejected PPI claims if the consumer has not already appealed to FOS

2 Introduce a rule that ALL rejected PPI claims be automatically forwarded to FOS, with an opt-out for consumers who choose NOT to continue their claim

3 Introduce a % fine on top of compensation if a bank is grossly unfair in rejecting a PPI claim. The money could fund additional FOS workload

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