News on PPI claims

sugar_dummy

Hi, 
With the recent news regarding the supreme court and complaints to re cupe possible hidden commission..how would that work if a decision is made to automatically contact their customer service have moved and changed address etc.. 

CliveOfIndia

Do you really mean PPI, or are you referring to DCA?

But if they don't have current contact details for you, obviously they can't contact you.  But there's nothing to stop you contacting them if you feel you have a valid claim.

dunstonh

sugar_dummy said:

Hi, 
With the recent news regarding the supreme court and complaints to re cupe possible hidden commission..how would that work if a decision is made to automatically contact their customer service have moved and changed address etc.. 

You appear to have mixed up different issues.

The PPI issue has had recent supreme court decisions and was nothing to do with hidden commission.  The deadline to complain with PPI was 29th August 2019.

Are you referring to motor finance complaints?

.how would that work if a decision is made to automatically contact their customer service have moved and changed address etc.. 

Based on past decisions the regulator has made, they will be required to employ tracing companies.   However, that typically delays things for many years.   So, in those scenarios, it would be worth the borrower being proactive and provide details to the lenders.

DullGreyGuy

sugar_dummy said:

With the recent news regarding the supreme court and complaints to re cupe possible hidden commission..how would that work if a decision is made to automatically contact their customer service have moved and changed address etc.. 

Same as other redress programmes...

• Starts with identifying the impacted customers & calculate redress
• Digital checks can identify those who still live at the same address and still bank with the same account so those can be dealt with my letter and auto payment but a cheque may be a preferred approach
• Next comes those who you still have the right address for but you no longer have banking details, probably send a cheque to those ones
• More confusing ones are those who's valid bank details you have but they've moved
• Then there are those you dont have any valid details for and you employ a tracing service
• You setup an inbound team to deal with those who reach out before you contact them

The FCA are likely to do some advertising to help raise awareness, initially saying dont call your lender will contact you but then switching to say call if you still haven't heard. 

They may time box it such that after 5 years any unclaimed cases can be ignored or leave it open ended as they did with things like TRASP