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News

PPI Complaints Increase Bank Employment

Whilst there were many expected consequences of the PPI scandal, it seems that one particular benefit has also come around: increased employment! According to the most recent reports, banks have been forced to employ extra staff in order to deal with the substantial amount of complaints that have been made regarding the mis-selling of payment protection insurance: a situation that remains one of the most substantial financial scandals in UK history.

The increase in staff hired to deal with this situation was measured as being a substantial increase, with a total of 60% of the high street banks new claims handlers being employed in order to deal with PPI compensation, according to figures from BrightPool. Similarly, 46% of the project management roles were also based around dealing with issues such as mis-selling.

Over the course of last year, major provisions were made for the first time to accommodate compensation repayments to consumers who’d been victims of the mis-selling initially, with Lloyds Banking Group especially putting back a remarkable £3.2 billion, and RBS setting aside £850 million.

With millions having been mis-sold the protection over the course of the selling period, the total repayments have been estimated at being over £8bn in total, depending on how many claimants choose to put forward their potential claims to the Financial Ombudsman Service, the body responsible for challenging the banks.

The Managing Director at Brightpool, Angela Hickmore, commented that ‘Financial institutions have learnt from the difficulties faced at the time of the endowment [mis-selling] scandals and this time are reacting quickly to ensure they can manage the high volumes of [PPI] claims expected for the rest of the year.’

For more of the latest news from the world of missold payment protection, continue to check into the Creditline Financial blog.

Posted by Shaun Edwards on 20 Apr 2012

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