Banks should focus on saving their customers money not ripping them off
Citizens Advice has called on banks to shift their focus to help saving customers money, instead of mis-selling them unnecessary products, as a £1.3 billion compensation pot for mis-selling of CPP protection.
Citizens Advice Chief Executive Gillian Guy said:
“Yet again banks have shown a complete disregard for their customers by selling them products they did not need. Banks have clearly have not learnt from the Payment Protection Insurance pandemic. It's a scandalous business model to make money by misleading customers.
”With households under such a financial squeeze banks should look at ways to save their customers money - not siphoning off cash for unnecessary products.
“We’re urging anyone who thinks they have been mis-sold credit card protection to get their money back by making a claim for compensation.“
You do not need to use a claims management company to make a claim for the compensation.
Notes to editors:
- The Citizens Advice service comprises a network of local bureaux, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
- The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
- To find your local bureau in England and Wales, visit citizensadvice.org.uk. You can also get advice online at adviceguide.org.uk
- You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers
- Citizens Advice Bureaux in England and Wales advised 2.3 million clients on 5.4 million problems from October 2013 to September 2014. For full 2013/2014 service statistics see our quarterly publication Advice trends
- Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 3,000 service outlets across England and Wales.