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Citizens Advice response to British Bankers Association announcement on PPI

Citizens Advice Chief Executive, Gillian Guy said:

“At long last the banks have decided to do the right thing in accepting that they must compensate the huge number of customers who were mis-sold PPI policies that were far too expensive and completely unsuitable for their needs.

“It’s now up to the banks to deal with claims quickly and thoroughly. The onus should be on them to contact all those affected rather than wait for customers to make a claim. It’s also vital that both banks and regulators learn the lessons of PPI to ensure a similar scandal on this scale cannot be allowed to happen again in the future.”

In September 2005 Citizens Advice made a ‘super complaint’ to the Office of Fair Trading, calling on them to launch an investigation into the payment protection insurance (PPI) business, which at that time had an estimated 20 million policies in force and produced annual revenue in excess of £5 billion. Protection racket – CAB evidence on the cost and effectiveness of payment protection insurance, the report on which the super complaint was based, is available on the Citizens Advice website: www.citizensadvice.org.uk/protection_racket

Notes to editors

  1. The Citizens Advice service comprises a network of local bureaux, all of which are independent charities, and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more information in England and Wales see http://www.citizensadvice.org.uk/index/aboutus.htm
  2. The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality. For online advice and information see www.adviceguide.org.uk
  3. Citizens Advice Bureaux in England and Wales advised 2.1 million clients on 7.1 million problems from April 2009 to March 2010, an 18% increase on the previous year. For full 2009/2010 service statistics see: http://www.citizensadvice.org.uk/index/pressoffice/press_index/press_20100517.htm
  4. Out of 22 national charities, the Citizens Advice service is ranked by the general public as being the most helpful, approachable, professional, informative, effective / cost effective, reputable and accountable. (nfpSynergy’s Brand Attributes survey, May 2010).
  5. Most Citizens Advice service staff are trained volunteers, working at around 3,300 service outlets across England and Wales.