Financial services industry evolves to address PPI refund problem

27 June 2013

We’ve written before about how the financial services industry is recruiting fervently to meet the demand of consumers having problems obtaining their PPI refunds. The issue has reached such a state now that the Institute of Financial Services (IFS) has updated and re-launched its Level-3 Certificate in Regulated Complaints Handling in an attempt to better train people and stem the tide of complaints about the PPI refund process. With extra content now added specifically on the PPI issue and how it impacts on consumers, we hope that the organisations creating bottle-necks and unfair delays or denials to those with a PPI refund claim will be sending their employees onto the course in their droves!

Following on from our recent article about Lloyds Bank’s problems with those handling consumer calls about PPI refunds, Barclays has also made moves to distance itself from Deloitte’s, the company that until recently staffed the PPI refund service for both financial institutions. 300 claims handlers were this month notified of their impending contract termination which came 3 weeks ahead of schedule. Both the outgoing Deloitte staff, and those who will be taking over the Barclays service in-house would be very good students for the IFS course, considering the obvious issues that Deloitte has had in managing the problem correctly and the likelihood that Barclays will not want a repeat of this problem damaging their reputation any further!

We have no doubt that the vast majority of people working in this space are superbly responsible, working for responsible organisations and endeavouring to resolve their customers’ issues quickly and fairly. However, seeing as there are still so many problems continually reported by the press, it is heartening to see that steps are being taken to bring the reputation of PPI refund claims handlers and their employers up to a more suitable standard.

The Financial Ombudsman Service is also gearing up more. It was planning on hiring an additional 1,000 people this year in addition to the 500 extra recruited in 2012, but it now looks likely that even more people will be recruited to join the organisation in its efforts to sort out the PPI refund scandal that continues unabated. With 2,000 enquiries coming into their helpline on a daily basis, these developments should make a difference to our shared goal: helping all the people out there who are having unfair problems getting their PPI refund.

Whether you are just starting to explore your options, or have already tried and failed to get your bank, building society or mortgage provider to give you your PPI refund, we can help. Just fill out our quick and easy form and we’ll put you in touch with an expert who will be with you every step of the way.