Consumers are missing out on £18.3bn worth of compensation for the mis-selling of payment protection insurance (PPI) policies, according to research by claims management firm EMCAS.
The final amount due for financial mis-selling would be even more if consumers reclaimed what is owed for mis-sold endowment mortgages and savings and investment products, said EMCAS. Almost 11 million Brits are unsure if they can claim for financial mis-selling or have no idea if they have been mis-sold to, said the firm. Those who have been mis-sold to but have yet to make a claim could be missing out on substantial amounts - the average payout for a claim about mis-sold PPI is £2,6503. EMCAS said its research showed consumers who are making claims are experiencing delays as bank...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes