How Banks Prolong the PPI Mis Selling Fiasco

December 4, 2014
by admin in PPI News

With their gigantic financing vaults and veiled with their brand to help consumers with their financial needs, banks don’t need advertisements to gain profit. They only need it to promote their products and services. However, when technicalities due to bank mishandling arrive, all that advertising melts and it boils down to how much the banks want to defend their profit. PPI mis selling is one example, and here’s some ways on how they’re prolonging it.

 

  1.  Advising Claims Centres Not To Give In Too Easily

Customer service is an essential tool to discourage consumers. It is also convenient because it is a symbol of the bank’s care and concern to customers. However, customer services could promise to have accepted the information and then delay customers, which could both infuriate or discourage further progress into making the claim.

At one point, Deloitte, a customer service provider for PPI claims, had been discovered to illegally reject consumer complaints.

  1. Villify the PPI Claims Industry

It is true that there are thousands of rogue claims companies in the UK, but there are also PPI claims companies that are reliable. There are many true stories about their efficiency and excellence. Meanwhile, banks and the media portray them as ambulance-chasing organisations, which is not true. Representing a PPI complaint in the face of delays and no pay is a difficult task. It’s not menial at all.

  1. Continue the Same Practice

Based on records, banks have not a solid plan for selling insurance policies or gaining huge profit. It was shown that trillions of pounds in profit from the 90s came from mis selling these PPI policies. Even if they promise more ethical “bonus” and commission systems, they would still revert to the same practice of leaving the consumer to acquire self-knowledge about the product before they sell it.