A member of parliament has raised concern which the overall responsibility for payment protection insurance claims and its mis-selling could get to £4 billion.

Jonathan Evans estimates that this full expenses of mis sold ppi may be within the billions variety, with over recent years the significant figures becoming enormous.

The MP said: “I’ve observed signs that in due course the overall liability in terms of PPI is likely to end up not in the hundreds of millions but the billions of pounds. I heard a figure of possibly even £4bn mentioned being an end game figure.”

MPs and people of the House of Lords were advised that although payment is essential, the existing structure from the Financial Services Compensation Scheme (FSCS) signifies professional insurance brokers are paying the failures of a wide range of businesses; from banks and mortgage brokers to car dealers, doctors, dentists and vets.

The Financial Services Authority is being asked to begin talking to on a brand new financing model for the FSCS in time to have new rules in place because of their 2012-13 financial year.

The funding model will individual expert insurance brokers type additional sellers of common insurance to remove the cross-subsidisation of one class by others.

For help managing your mis sold payment protection claim, talk with Belmont Thornton today.

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