5th June 2014
PPI compensation victims have been reportedly underpaid by £1 BILLION due to banks and credit card firms excluding penalty fees and charges from compensation calculations.
Customers with credit cards from some of the biggests lenders such as Lloyds Banking Group, Barclays, MBNA, and Capital One are amongst those who are affected.
The shortfall in compensation arose because, although the banks all refunded the premiums on their mis-sold PPI policies plus interest, they however failed to include penalty fees and charges in the compensation calculations according to the BBC.
Therefore this has resulted in a dramatic reduction to the amounts some customers have received.
The Financial Ombudsman Service (FOS) has told the BBC that fees and charges triggered by mis-sold PPI premiums SHOULD be paid back.
Source: Insurance Times
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Posted in Payment Protection Insurance, PPI, Compensation, Lloyds Banking Group, Barclays, MBNA, Capital One, mis-sold PPI, Financial Ombudsman Service, FOS, PPI Premiums