People who believe they were mis-sold PPI can apply for compensation by writing to providers themselves. Any subsequent payout is free.
But many use claims management companies who then take a cut of any payout.
Today’s summit will be hosted by Which? and Money Saving Expert.
A separate meeting will also be arranged with representatives of claims management companies.
Brian Cole, managing director of Capital One, who will attend the summit, said: “Currently the vast majority of the complaints we receive about PPI come from claims management companies, and over 22% of these complaints are on behalf of people who have never even had PPI.
“The involvement of claims companies means that customers end up paying unnecessary fees to them when they could approach their bank or credit card company directly and get the same outcome for free.”
