Survey Reveals Why Britons Fail to Make Lucrative Claim for PPI Mis-selling

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3rd April 2013 15:58 - Financial Services

 

Market research by claims management company EMCAS has shown that financial mis-selling continues to be a problem in the UK, and despite a great deal of media coverage on the issue, many consumers are still not reclaiming the money that is due them.

To date, Britons are missing out on a total of £18.3 billion worth of compensation for the mis-selling of PPI policies by not reclaiming what is rightfully theirs. This amount would be even higher if consumers reclaimed what is owed to them for mis-sold endowment mortgages plus savings and investment products.

Those who have been mis-sold to but have yet to make a claim could be missing out on a significant amount, since the average pay-out for a claim relating to mis-sold PPI is £26,503.

Meanwhile, almost 11 million UK consumers reported being either unsure if they can claim for financial mis-selling or have no idea if they have been mis-sold to.

Overall, the reasons why respondents who feel they might be entitled to a reimbursement are delaying taking action are because they are confused about whether they are eligible to make a claim (31%), they haven’t thought properly about the claim issue (28%), they don’t feel they have enough knowledge to make a claim on their own (25%) and they don’t have enough time (22%).

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