The Financial Services Authority (FSA) and Financial Ombudsman Service (FOS) set new rules for the BBA to abide by after the FSA received more than one million complaints about the way PPI was dealt with.

The new rules have been put in place to prevent banks and lenders from continuing to mis-sell PPI.

PPI is commonly mis-sold to unsuspecting customers who know little about what they are buying.  Payment protection insurance is designed to cover the cost of repayments on loans or credit cards if you become ill, have an accident or lose your job.

What may appear to be a beneficial product, which will safeguard your payments, can actually be incredibly misleading as customers are sold policies, which are often invalid and leave them with no cover whatsoever.

Once this scandal unravelled the FSA and FOS acted on behalf of the consumers to stop banks and lenders from miss-selling PPI. They have also fined a number of banks and lenders who have since then had to pay out millions of pounds in compensation.

This is great news for the consumer as they can now claim back the money that is rightfully theirs. Always look for successful ppi claims to help inform your decisions. Banks have been mis-selling PPI for the last decade and consumer watchdogs and other organizations have been campaigning for a review. Find out how you can claim ppi

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