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A legal claim has been launched accusing banks of \u201cunlawfully\u201d taking billions of pounds from Payment Protection Insurance (PPI) customers through \u201cextremely high\u201d secret commissions.<\/p>\n
While the initial round of PPI claims centred on mis-selling, this new action alleges banks and credit card companies \u201csecretly\u201d pocketed huge commissions of up to 95 percent from customers who signed up for the insurance product.<\/p>\n
It is estimated that up to six million people will be eligible to join the group’s legal claim, a move that lawyers believe will resolve PPI claims \u201conce and for all\u201d.<\/p>\n
The high levels of secret commissions are deemed to be \u201cunfair\u201d under the Consumer Credit Act, which means banks and credit card companies can be forced to return all of the PPI payments to customers.<\/p>\n
Law firm Harcus Parker\u00a0has launched the group legal action to bring together all of the secret PPI commission claims into one court case in a move to force the banks and credit card companies to pay back the full cost of the insurance product.<\/p>\n
READ MORE: <\/strong> British Gas extends scheme offering thousands of customers 50% off energy<\/strong><\/p>\n Speaking on the legal claim, which was lodged\u00a0at Birmingham County Court on Friday, Damon Parker, senior partner at Harcus Parker, said: \u201cBanks and credit card companies have known since at least 2017 that they should pay back these undisclosed commissions.<\/p>\n \u201cSome legal challenges have been brought by individual customers, however, they are almost impossible to prosecute at scale. The only way through this quagmire is by allowing customers to join a group litigation claim.\u201d<\/p>\n According to the firm, around 350,000 people have already applied to join the \u2018no win, no fee\u2019 group legal action. However, millions more could be eligible to claim their money back.<\/p>\n Mr Parker said: \u201cFor years banks and credit card companies have found ways to avoid telling customers the whole truth about the commissions they paid themselves.<\/p>\n Don’t miss… <\/strong> \u201cThis failure to come clean about the scandal is a stain on the industry and needs to be redressed through settlement or legal means. It is no good banks continuing to blame customers for a problem that they created and have failed adequately to address.\u201d<\/p>\n According to Mr Parker, customers who have previously received PPI compensation could be owed \u201cthousands of pounds more\u201d.<\/p>\n Additionally, Mr Parker said: \u201cThere will be many more customers who had their claims turned down who will be eligible under our claim. And anyone who has never made a claim but did have PPI is also highly likely to be able to make a claim.\u201d<\/p>\n We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n According to Harcus Parker, anyone falling into one of the following categories is \u201clikely\u201d to have a claim for PPI secret commissions:<\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/23\/590x\/secondary\/HARCUS-PARKER-PPI-4992416.jpg?r=1696355290166\")
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