After more than a decade, the payment protection insurance (PPI) scandal is over: the deadline for new claims has passed. But that doesn't mean you've heard the last of claims management firms' or, for that matter, potential scammers' nuisance calls and text messages. The claims groups have started offering to chase compensation for new problems.
The pension freedoms introduced in 2015 have created a new compensation problem: many people received poor advice when they accessed their pension fund. Payday lenders are also being targeted as "PPI set a precedent that firms could be retroactively punished for historic practices judged to be unfair, even if they weren't against any rules at the time," says Nicholas Megaw in the Financial Times.
There has been a 130% increase in complaints over historic charges to the Financial Ombudsman Service in the past year. "Radio advertisements that previously exhorted listeners to check if they had PPI are [now] focusing on mis-sold investment products and Isas," adds Megaw. Compensation could be claimed if you lost money on an investment and feel your bank or financial adviser did not properly explain the risks to you.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
