Major campaign launched on PPI mis-selling and claims management company fees

Which? and Moneysavingsexpert.co.uk, in the guise of its founder Martin Lewis, have saturated news and social media with their campaign on payment protection insurance.   The aim is to persuade people who were mis-sold PPI that it is straightforward to claim compensation by themselves, without using the very expensive services (up to 30% of the final settlement) of some claims management companies. 

The campaign includes a ‘PPI Summit’ with major banks and credit card providers, regulators and the Financial Ombudsman Service.  Which? have also carried out new research showing that, for example, one in four people does not realise that the claims companies take a fee, and there are radio advertisements encouraging those who may have been mis-sold PPI to make a claim themselves without using a claims company.

Financial institutions have set aside £9 billion to meet mis-selling claims, which explains why so many claims management companies have been running their own saturation advertising campaigns and bombarding the public with phone calls, texts and emails.  

For more information and advice and information on PPI mis-selling, go to www.moneysavingsexpert.co.uk or www.which.co.uk