Our latest Fair Fees campaign coverage reveals more PPI woes
As our 'Fair Fees: Brokers won't pay for banks' campaign petition nears 400 individual supporters, we revealed this week how the massive hike in brokers' Financial Services Compensation Scheme (FSCS) fees was a result of the failure of just five firms.
Following our investigation into Payment Protection Insurance (PPI) mis-selling claims last week, which named Picture Financial Services as the company linked to the biggest number of PPI mis-selling compensation claims in the broker market, an FSA letter, seen by Insurance Times, this week also identified other firms including APS Mortgages, Dean House Financial Services, Loanmakers and Twopart.
The fee increases have outraged brokers, after the sector was hit with a total levy of £61.4m, of which £61m was a result of PPI mis-selling claims, by the FSCS in 2009/2010.
Our campaign, which launched last month, has received widespread backing from the broker market, as well as support from insurers.
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