Financial mis-selling remains an issue and consumers are still not reclaiming their money.
(PRWEB UK) 18 June 2013
EMCAS, a leading claims management company, has said that financial mis-selling remains an issue and consumers are still not reclaiming their money. Around £18.3billion is still left unclaimed for mis-sold endowment mortgages and investment products.
EMCAS is urging almost 11 million adults in the UK who are unsure if they can claim for financial mis-selling to take action. By not enquiring, the financial services industry get away with decades of mis-selling.
Those who are yet to make a claim on mis-sold PPI could be missing out on substantial amounts; the average payout for miss-sold PPI is £2650. EMCAS have discovered that some consumer claims are experiencing delays as the banks refer increasing numbers of cases to the Financial Ombudsman Service.
David Walter, spokesperson for EMCAS said: “Our primary concern remains that victims of financial mis-selling reclaim what is rightfully theirs. The voice of consumers needs to be heard above that of the banks.
“Our evidence shows that there are still significant sums of money due in compensation but 17% of consumers aren’t sure if they are a victim of financial mis-selling. We encourage them to check and be sure. Whilst consumers may face a number of obstacles when making a claim we urge them to persevere to right these wrongs.”
Consumers are inundated with news about PPI mis-selling and are still not taking action to reclaim their money. EMCAS have found several reasons why this is the case:
31% are confused if they can make a claim or not
28% haven’t thought properly about whether they have a claim
25% don’t feel they have enough knowledge to make a claim on their own
22% say they don’t have enough time.
When it comes to Payment Protection Insurance banks are still underestimating how much consumers could potentially claim. Whilst many have recently increased the amounts they are setting aside for compensating consumers, it’s still not sufficient to compensate for the estimated 6.9 million unclaimed mis-sold PPI policies. Based around the average payout this could amount to over £18.3 billion.
Despite the large amount left to claim and the media hype surrounding PPI, consumer's are still confused and just not claiming what's rightfully theirs. PPI was often added on without consumer knowledge to a broad range of financial products such as credit cards, loans and mortgages. This adds further confusion to EMCAS customers when they're trying to find out if they have a potential claim.
Experts at EMCAS estimate that people with endowment mortgages across the UK could still claim for mis-selling, despite many cases being time-barred. Although consumer redress has been limited due to widespread time-baring, consumers should not be put off and still proceed in making their claim.
On average there are 85,000 complaints about mis-sold savings and investment products every year. The average claim being paid out is worth over £1,000. The FSA’s recent mystery shopping survey revealed that around a quarter of sales made to consumers were unsuitable. As a result EMCAS urges consumers to be vigilant when taking out a financial product and to ensure that it is suitable for them.
David Walter continues: “Banks have yet to fully acknowledge the extent of the money they need to repay consumers who have been affected by mis-selling.”
“At EMCAS we aim to help consumers identify whether they have been a victim of mis-selling and may have cause to make a claim. Our expert teams are able to help customers navigate the process and ensure that they get the right pay out due to our experience of managing claims on a day-to-day basis. We urge all consumers who think they may have been mis-sold to, to claim back what is rightfully theirs whether this be with the support of a professional claims management company like EMCAS or on their own.”
For more information about how EMCAS can help you to make a claim for financial mis-selling please visit: http://www.missing-millions.co.uk