I laughed when I read this paragraph: ‘The FOS is funded by a mixture of case fees and an industry levy. It is currently consulting on introducing a supplementary case fee from April of £350, on top of the standard case fee of £500, for each PPI complaint where businesses have more than 25 PPI complaints referred to the FOS each year.’ http://www.moneymarketing.co.uk/regulation/renewed-surge-in-fos-ppi-complaints/1044500.article rnrnAs far as I am concerned if banks and other FSA regulated companies have been knowingly or should have known the client could not make a valid claim on an insurance claim they should pay dearly. If they have been charging premiums where the client did not accept the insurance contract I would like to see very severe punitive damages for breaking the basis of contract law, and morally if not legally committed fraud. I would like to see the punitive damages go to paying down the Government’s deficit. As this PPI scandal has brought such disrepute to the industry I think the amounts suggested in this consultation are far too low.rnrnThis is the opinion of Wexdon Financial Services and is not intended to recommend any course of action.rn
