By Zeus Spencer
A lot of other countries in Europe get along fine with their PPI system, but in the UK it seems that banks couldn't resist the opportunity to make big profits from duped customers. Basically it was found that banks were forcing PPI onto customers that took out loans, to an extent that in some instances customers were taking out insurance on unemployment when they were retired or otherwise out of work. The backlash meant that all unfairly sold PPIs had to be repaid to customers, and there were additional fines for individual acts of duplicity.
All British banks seem to have been in on this little ruse, but the one signalled out for the highest fines initially was Alliance and Leister. They had to pay 7 million in fines, as well as returning the profits of their scheme to customers. How had things got this bad? It seems that the real culprits were bank staff, who were doing their utmost to gain commission of each sale of PPI, without paying too much attention to the rules. You can talk about mis-training or ignorance, but this only goes so far to explaining their zeal in deceiving customers, especially in cases where the customer was unemployed.
The fault seems to have been with poorly trained staff who didn't know the rules of PPI selling, and were only interested in the commission they got for selling it.
The banks aren't the only weasels in all this, and when it comes to delay in repayment the finger also needs to be pointed at claims companies attempting to manipulate the system. Again, commission for employees is the route of the issue. Overzealous cold callers are encouraging everyone to complain to the banks about PPI, even if they don't have a case. As a result the banks have to spend a long time sorting through applications.
It seems as if consumers in the UK are constantly being buffeted from one con to the next. At least in this case compensation should get to the people that need it.
All British banks seem to have been in on this little ruse, but the one signalled out for the highest fines initially was Alliance and Leister. They had to pay 7 million in fines, as well as returning the profits of their scheme to customers. How had things got this bad? It seems that the real culprits were bank staff, who were doing their utmost to gain commission of each sale of PPI, without paying too much attention to the rules. You can talk about mis-training or ignorance, but this only goes so far to explaining their zeal in deceiving customers, especially in cases where the customer was unemployed.
The fault seems to have been with poorly trained staff who didn't know the rules of PPI selling, and were only interested in the commission they got for selling it.
The banks aren't the only weasels in all this, and when it comes to delay in repayment the finger also needs to be pointed at claims companies attempting to manipulate the system. Again, commission for employees is the route of the issue. Overzealous cold callers are encouraging everyone to complain to the banks about PPI, even if they don't have a case. As a result the banks have to spend a long time sorting through applications.
It seems as if consumers in the UK are constantly being buffeted from one con to the next. At least in this case compensation should get to the people that need it.
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