Insurers’ gestures of goodwill are manipulating PPI mis-selling figures

The consumer champion BrunelFranklin.com has written to the regulator, the FSA, highlighting a number of serious problems in the PPI mis-selling sector, including what it believes is a deliberate statistical manipulation of the mis-selling figures by the PPI vendors.

Lloyds TSB and Welcome in particular are some of the worst offenders and are offering gestures of goodwill across the board. Brunel Franklin’s specialist PPI compensation service, Conkers.co.uk
wrote to the FSA on 19 September but as yet has not had a response. Lloyds TSB and Welcome account for a significant slice of the PPI market between them.

Anthony M. Sultan, managing director of BrunelFranklin.com and Conkers.co.uk, said:”We believe that vendors are using gestures of goodwill to mask the true scale of PPI mis-selling from the regulator. If the significant percentage of complaints are being dealt with as gestures of goodwill, how do we know that these are being declared to the FSA as complaints and showing up as incidences of mis-selling? Lloyds TSB are pretending that there has been no mis-sale and no formal complaint, and are hoping to sweep thousands of complaints under the carpet under the guise of gestures of goodwill.

”Our suspicion is that they are not being declared to the regulator and never appear in any FSA statistics on PPI mis-selling. This mis-selling crisis may be bigger than endowment mis-selling in terms of the numbers of people affected and the total amount of compensation due, so it is perhaps not surprising that the vendors want to play it down in the hope that it will go away.

”It will not go away and we are determined to get people the compensation they are entitled to.”

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Ref: BFL279 – Gestures of goodwill