HML has launched a complaints handling service to help companies deal with payment protection insurance complaints.
Earlier this month, Lloyds Banking Group announced it was to break ranks with the BBA and other members to pay out up to £3.2bn of PPI compensation before the trade body had decided whether it was to appeal the recent High Court decision to reject its judicial review against the FSA and FOS over PPI redress.
Barclays then announced it would set aside £1bn in compensation, prompting the BBA to announce it would not appeal the High Court’s decision.
HML’s new service offers either consultation on redress procedures or a white-label end-to-end service managed by HML.
HML chief commercial and financial officer Neil Warman says: “In the last week it has become clear the scale of the PPI redress exercise is much larger than had originally been estimated.
“16.1 million PPI policies have been sold since 2005 and all those with a policy have to be contacted and their case reviewed to see if they are due compensation – with up to 6.4 million policies likely to have been mis-sold, that’s an administrative headache in anyone’s book.”