Thousands of people across the UK could be entitled to compensation of up to £441 due to mis-sold financial products, according to recent reports.
Many consumers were unknowingly sold payment protection insurance (PPI) or other financial products that were unsuitable for their needs. Now, claims management companies are urging Brits to check if they're eligible for a payout.
Who Could Be Owed Money?
The compensation primarily relates to:
- Mis-sold payment protection insurance (PPI)
- Inappropriate pension advice
- Unfair bank charges
- Packaged bank accounts that customers didn't need
How to Check Your Eligibility
Experts recommend taking these steps:
- Review old bank statements and financial documents
- Check for any PPI policies you didn't knowingly take out
- Look for evidence of unfair charges or unsuitable products
- Contact your bank or a claims management company for advice
The Claims Process
While some claims can be made directly to banks, many people choose to use claims management companies. However, be aware that these firms typically take a percentage of any successful claim as their fee.
The Financial Conduct Authority has warned consumers to be cautious of cold calls about compensation claims and to only deal with reputable companies.
With average payouts around £441, it's worth checking if you might be owed money from past financial products. The deadline for PPI claims has passed, but other types of financial mis-selling claims remain open.
