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Alternative or Comparative Redress

Alternative or Comparative Redress [AR] – Data – shared with BBC

Headline comments:

  • The information in the graphs is based on the analysis of 70,755 PPI redress offers.
  • The overall use of alternative redress appears to have ‘levelled off’, the PFCA has information that due to pressure, banks have “changed their approach” in its application.
  • Consideration should now been given as to how customers who have received inappropriate redress are correctly compensated.
  • The data shows that Lloyds Banking Group continues to be the largest user of alternative redress. Around one in ten customers.
  • Consumers are ‘worse off’ by approximately £728 when receiving alternative redress offers.

What is alternative redress?

Percentage of offers received on an AR basis
Av reduction in AR offer v full offer

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The Benefits and Services of the Professional Financial Claims Association are intended to extend beyond its own membership. The Financial Claims Management sector needs a credible ‘voice’ at a time of change and increased scrutiny within the sector.

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