Which? says banks should pay PPI faster

Banks should be paying the compensation that they owe people with regard to claims for payment protection insurance (PPI) much faster than they are at the moment, according to one consumer watchdog.

Which? has said that people are owed money from when they were mis-sold PPI policies which they either did not need, or were not eligible to hold, and that they should be paid their money now. The PPI scandal is thought to have affected some six million consumers.

Which? executive director, Richard Lloyd, said: " Too many people are still finding the claims process too lengthy, the banks must streamline the process to make it easier for people to claim."

He went on to say that complicating the process for making a claim for PPI means that there is an open door for claims management companies to manipulate customers and charge them a hefty fee for taking on the case.

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