It has been found that most of the ppi policies are mis sold in UK. PPI stands for payment protection insurance. Mis sold ppi uk policies have become a major concern in claims and settlement process for insurance companies. Most of the companies have found out that the policies are sold without considering the regulations. The government has issued some strict regulations for the selling of payment protection insurance. But most of the insurance service providers have over looked all the instructions and regulations. Most of the policies are sold violating the rules prescribed by the authorities. Mis selling of PPI products have increased the concern of troubled claims settlement as well.
Most of the policy holders are unaware of the exact procedure involved in claim of mis sold of such payment protection insurances. But practically it has become a bit simple these days. Now it has been reported that the government is acting very strict on such mis leading. There are specified and prescribed regulations for selling of these kinds of insurance products. If any bank or lender is found guilty of any kind of mis selling of these kinds of insurance products then the government and the regulatory authorities are taking action immediately. Banks and high street lenders are being charged of huge number of mis selling of PPI products all across UK.
UK is one of the largest insurance providers of insurance services at both domestic and industrial level. But number of case of mis selling of the payment protection insurances has increased the trouble for the regulators. Claiming back the charges of PPi is also getting tough as more and more number of such cases is coming up these days. However, the UK government is trying to revise the PPI regulations and also asking perpetrators to deposit heavy fines for the mis selling of the PPI so that such case can be minimized soon.