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Millions back in consumers’ pockets following banks’ error

20 March 2014

Citizens Advice says the £149 million going back to consumers sends a strong message to firms to stick to the rules.

The OFT has announced to today that almost 500,000 consumers are set to share over £149 million of compensation after banks and building societies failed to provide the right information in statements and arrears.

Citizens Advice Chief Executive Gillian Guy said:

“Millions of pounds going back into consumers’ pockets sends a strong message to banks and building societies to stick to the rules. It’s only right companies pay out when they fail to fulfil their obligations to consumers.  

“Customers are at a disadvantage if information is not presented in the right way or it doesn’t clearly include all of the facts.  It is important people are provided with all of the details in order to make informed decisions about their personal finances and kept up to date.

“The PPI fiasco shows how important it is for banks to proactively contact people who have been affected by their mistakes.  Up to £5 billion pound of PPI compensation has gone to claims firms because these companies were able to swoop in and act as a go-between.”

Notes to editors:

  1. 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.
  2. 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.
  3. To find your local bureau in England and Wales, visit citizensadvice.org.uk. You can also get advice online at adviceguide.org.uk
  4. 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
  5. 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
  6. Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 3,000 service outlets across England and Wales.