It has recently come to light that some victims of mis-sold payment protection insurance (PPI) are still waiting on their promised compensation pay-outs from their high-street banks.

The “gentleman’s agreement” refers to the agreement made by high street banks to pay back compensation to customers within 28 days after the claim has been settled. However, some banks have admitted to not adhering to this agreement. Some consumers have been waiting a very long time considering banks cleared 97% of their PPI complaints by the end of August this year.

All banks should be paying back the compensation within the 28 day guideline. HSBC have said that they reimburse within two to three days of claim acceptance as well as many other high street banks such as Barclays, Halifax and Santander insist that they are meeting the deadline.

According to Money Mail, those affected by the delayed payouts specifically include Lloyds TSB and Royal Banks of Scotland customers.

Lloyds TSB had this to say in regard to the PPI delays, “We are processing all PPI compensation payments within a reasonable turnaround time. However, we have encountered a one-off processing issue which has delayed payments for a group of customers with a Lloyds TSB loan.”

The Spanish banking group’s UK branches have reported profits of £993 million for the year, a figure down 40% from 2010.

The payment protection insurance (PPI) provisions set aside at £538 million has been said to have had a massive impact on the business over the past 12 months.

However, Santander bosses have also spoken out about other reason for decline such as low interest rates and higher costs for funding.

These provisions have been set for a reason. Payment protection insurance has been mis-sold to thousands of consumers, therefore, Claims Advisory Group has made it their business to help you reclaim. With 5 years of claiming experience Claims Advisory Group are experts in getting your money back.

Since the Judicial Review earlier this year, the banks have been forced to pay compensation to thousands of customers who have been mis-sold the insurance.  Claims Advisory Group is a claims management company that takes on PPI cases to re-claim the compensation their client are owed.

Margaret Cole, interim managing director of the FSA’s conduct business unit, explained, “The treatment of PPI complainants has left an indelible stain on the financial industry’s record.”

This speech from Margaret Cole confirms that customers will begin to lose faith in the financial industry if another scandal were to happen.

Big banking groups within the UK were the main source of PPI mis-selling to the public.

These banks have already lost billions of pounds from the PPI mis-selling scandal, with Lloyds putting aside £3.2 billion and Barclays £1 billion to cover compensation costs. Claims Advisory Group specialise in getting back compensation to those who have been mis-sold policies by their trusted banks.

During this time Claims Advisory Group alone helped their customers reclaim over £20million of mis-sold PPI.

The outcome of the Judicial Review is fantastic news for consumers as it means banks are now forced to look into past sales of Payment Protection Insurance even if the consumer hasn’t made a complaint.

Margaret Cole, from the FSA said ‘We remain 100% committed to ensuring that where consumers were mis-sold PPI they will receive the appropriate redress from firms, and we are monitoring firms progress to ensure this is done properly. Where we find this is not the case, we are not afraid to take tough action’.

PPI policies are designed to cover consumers in the event that they are unable to work due to illness, injury or redundancy ensuring that any loan repayments are kept up to date. Unfortunately many lenders mis-sold this insurance and policy holders found that PPI was useless to them as their claims were rejected, for example due to being self-employed or retired.

Claims Advisory Group are experts in reclaiming mis-sold PPI and will deal with lenders directly on consumers behalf ensuring they receive all they are entitled to.

Firms who sell PPI have to stick to certain rules and regulations set out by the FSA, however it is common to see short cuts being taken in this competitive industry. Claims Advisory Group can advise you of your rights and help you reclaim your money when you’ve been misinformed.

How do you know if you’ve been mis-sold PPI?

If you answer yes to any of these questions, Claims Advisory Group can help you:

• Did the company selling the policy fail to ask you if you had any pre-existing medical conditions?
• Did your employer already offer you protection for redundancy or loss of income?
• Were you told that the policy was compulsory, or that you had more of a chance being accepted for the loan by taking out the policy?
• Did they fail to fully inform you of the policy exclusions?
• Were you unemployed or retired at the time?

Claims Advisory Group has helped thousands of customers reclaims thousands of pounds for mis-sold PPI and may be able to help you.

Claims Advisory Group also specialises in reclaiming credit card charges, so if you are concerned about the high charges you feel you’ve incurred unjustly over the years get in touch and let the experts help you.