Reeves seeks reform of UK consumer redress in the financial services sector

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Financial Times 14h ago

Reeves seeks reform of UK consumer redress in the financial services sector - Financial Times

Quick Summary:

Banks and payment companies have since October been liable to reimburse claims of push payment fraud worth up to £85,000.

It added more than 90 per cent of these were brought by claims management companies, which shot to prominence by pursuing PPI complaints for thousands of consumers in return for a cut of any compensation.

The stance of the FOS in siding with consumers on car finance has echoes of its role in the payment protection insurance (PPI) scandal, which ended up costing banks about £50bn in redress.