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THE boss of bailed-out Royal Bank of Scotland yesterday claimed that banks deserve the unprecedented financial bill they are footing for the PPI scandal. Chief exec Stephen Hester confirmed it was putting up its compo pot for customers by £400million to &pund;1.7billion - RBS admitted even this was only a “best guesstimate” of their final bill.

Royal Bank of Scotland has yet to decide whether the £390m fine for rigging Libor should have an impact on any bonuses for Stephen Hester for this year amid renewed focus on the chief executive’s pay.

Royal Bank of Scotland (RBS) has been fined £390 million by UK and US regulators for its role in the Libor rate-rigging scandal. £87.5 million of this fine will be paid to the Financial Services Authority, while around £300 million will be paid to the US Department of Justice and Commodities Futures Trading Commission. The fine is greater than the £290 million fine that Barclays paid in June 2012, though it is lower than the fine imposed upon UBS.

On the day that Barclays plc announces a further £600 million towards payment protection insurance (PPI) provision, new Which? research reveals that the PPI compensation of big banks, including Lloyds Banking Group plc and HSBC Holdings plc will be used up in 2013.

Above are just some of the shocking headlines we have seen in the press over the last couple of weeks. The latest figures released by the FSA state that as at November 2012 a massive £8.05bn has been paid back in relation to mis-sold PPI since January 2011. As we all know, the banks made massive profits on the sale of PPI and as we can see from the press releases above, PPI is just one of the areas where they have sold products for profits whether or not they were suitable for the consumer. It seems unfair, therefore, that Claims Management Companies come under attack in the media all the time. Key Financial Claims are here to provide a service to clients who have been mis-sold PPI but who, for one reason or another, do not want to make a claim themselves. Key Financial Claims are here to help the consumer, when we take on a case we do all the work.

If you feel you have been mis-sold PPI contact Key Financial Claims Limited and one of our friendly advisers will help you to identify whether you have a potential claim or not. Reclaiming PPI with Key Financial Claims Limited is stress-free for our clients. Key Financial Claims Limited aim is to recover all of your Payment Protection Insurance payments made by you, plus any interest on top of that - and we also push for a further 8% in compensation for the inconvenience caused to you. So don’t delay - contact us today!

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I also understand Which? and MoneySavingExpert.com are working together to launch a joint campaign in order to increase consumer awareness of how easy it is to reclaim mis-sold PPI for free. Do they not realize that if indeed the process was that easy there would be no need for Claims Management Companies in the first place?

Yet again, mis-trust and anger are directed at the wrong people. What about the major banks and credit card companies who knowingly mis-sold PPI to unsuspecting consumers in order to achieve stretching targets and receive massive bonus payments? They are the same major banks and credit card companies who continue to drag their feet refunding monies owed to consumers despite guidelines laid down by the Financial Ombudsman Service. Deadlines have been and continue to be exceeded, with many claims taking months to complete – why don’t Which? and MoneySavingExpert.com direct their criticisms in the right direction and get the lenders to pay out PPI refunds as they were instructed to do so in April last year!

I agree, there may be some unscrupulous Claims Management Companies in operation, but it is wrong to make sweeping statements accusing all companies in our industry of exploiting consumers. Since inception in September 2009 Key Financial Claims Limited have obtained in excess of £167million in refunds for consumers. Admittedly we do make a charge for this service but our clients are aware of all charges before any claims proceed and consumers have a 14 days cooling off period. We are a business employing over 200 people not a charity!

Key Financial Claims Limited have never stated that clients cannot process their own claims, however, we do advise of the process reclaiming entails and that lenders may try to pay less than the consumer is entitled to receive - we give this advice based on fact not fiction. Claims Management Companies are to be invited to a follow-up meeting after today’s summit meeting - I await my invite with interest!

Andy Gannon, Chief Exec.

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It introduces three colourful, chatty animated ‘Keys’, which advise viewers to check whether they have been mis-sold a PPI policy.

“Not before time” says Key Financial Claims Managing Director Andrew Gannon.

“Although an increasing amount of the public is aware of the scandal of mis-sold PPI, it is still the tip of a potential claims iceberg. Many loan providers failed to follow correct advice procedures, leading to thousands upon thousands of consumers paying for a policy they didn’t actually want or even know they had in some cases.

“UK banks have allocated £9 billion to settle PPI claims. They know they have to make the situation right. We’ve already unlocked over £130 million for customers, and the new campaign presents us with the opportunity to reach as many people as we can.”

The 30-second Key Financial Claims ad can be viewed below, and is also available on our You Tube channel.

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Please be aware these calls are not being made by Key Financial Claims Ltd and that although we work with a network of introducers our Processing and Contact Centre are based in Bury, Lancashire and we do not outsource to other offices.

We would recommend if you receive any calls of this type that you immediately report it to Action Fraud, either online (http://www.actionfraud.org.uk) or by telephone on 0300 123 2040.

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FSA rules state that complaints received since the conclusion of the Judicial Review must be responded to within eight weeks, with the exception of cases with Barclays, Lloyds and RBS, these lenders have been given a temporary extension because of the high volume of cases built up during the Judicial Review. The timescales laid down by the FSA for these three companies are as follows: complaints received after the outcome but before 31 August will be responded to within 16 weeks; complaints for these firms received on or after 1 September and before 31 December 2011 will be responded to within 12 weeks. Following the temporary extension the FSA expects all PPI complaints handling to return to the requisite eight week standard by 1 January 2012 at the latest.

If you suspect you may have a claim call us on 0161 705 4389 or complete a claims pack on our website - we look forward to getting you your money back!

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Since 2005 some 16.1 million PPI policies have been sold to consumers alongside credit cards and loans. These policies were supposed to cover repayments for customers who lost their jobs or became too ill to work. However, a shocking mis-selling scandal has seen up to 6.4 million policies sold to people who didn’t want PPI, need it or would never have been able to make a claim. These policies were mis-sold by the same banks who are now saying we can trust them to make contact with clients who were sold PPI and refund any premiums and extra interest they may have paid. Call me sceptical, but looking at the track record of the Banks and other lenders I find this really hard to believe! If banks and lenders were so trustworthy they would not have sold the policies in the first place and they wouldn’t have needed to put £9bn aside to compensate customers they had knowingly mis-sold these policies too!

The Key Financial Claims team is experienced in dealing with banks and lenders who are trying to protect their profits. We believe it is this experience that can get maximum refunds for clients and we can use the number of claims we make to put pressure on lenders for a speedy payout. It is true the claims industry has been static since October but this was caused by banks and lenders refusing to payout until the outcome of the Judicial Review was announced; this despite their regulator, the FSA saying they still had to process complaints within the timescales set out in their guidelines.

Trust the banks - don’t make me laugh!

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PPI was aggressively pushed by banks and was supposed to pay out when borrowers got into difficulties because of ill health or redundancy, but the PPI industry has now been exposed as a money making racket making billions for banks. Many borrowers were unaware they were buying policies which in many cases lenders disguised in the overall amount of the loan. In some instances borrowers were wrongly told they would not get finance without taking out PPI; also many customers who had pre-existing medical conditions were sold policies even though pre-existing medical conditions is grounds for non-payment of claims. Some lenders were also guilty of selling PPI to cover redundancy even though the consumers were self employed and given that it is impossible for a self-employed person to be made redundant.

The BBA and its members are currently reviewing the judgement and are considering whether to make an application to appeal. This decision must be made by 20 May 2011. However, the reputation of the banks is already at an all time low and pursuing an appeal would not help their cause.

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The charity, which raises funds to support children experiencing poverty, abuse, neglect and distress, has been chosen as Key Financial Claims designated charity in 2011.

Andy Parker, Director at Key Financial Claims explained, “As a company, we wanted to help children that are living in poverty. The Cash for Kids appeal was ideal as all money that is raised goes towards helping local projects and community groups across Manchester.”

With Manchester having a high proportion of children living in poverty - more than 1 in 4, without donations the charity wouldn’t be able to continue,

Mike Trott, Fundraising Manager at Key 103 Cash for Kids, explained “Due to the number of children currently living in poverty in Manchester, we want to help as many projects and community groups as possible that offer opportunities to these children. Without the donations we receive from Key 103 Listeners and local companies around Manchester, this wouldn’t be possible.”

He added that, “Key 103 Cash for Kids would like to thank everyone at Key Financial Claims for raising £1,250.00. Every penny raised really does make a difference to deprived children’s lives in Manchester.”

For more information on Key 103 Cash for Kids log on to www.key103.co.uk/charity

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One of the main aims of the website is to make it as easy as possible for customers to make a claim, and with the easy-to-use claim forms it couldn’t be simpler!

You can also meet the staff in the ‘Our Team’ section of the site, and find out more about the great people behind Key Financial Claims, as well as obtaining their direct contact details should you wish to get in touch.

Andy Gannon, Managing Director at Key Financial Claims, said, “We are really pleased with our new website. It’s easy to navigate and provides our customers with everything they need to claim their PPI refund.”

To find out more about our new website, why not take a look around and discover some of the great features for yourself?

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