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PPI – Lloyds Bank follows suit and retrains frontline staff

Filed under: Services — Tags: , , , — consumerfinanceclaims @ 08:34

Lloyds Banking Group is the biggest banking organisation in the UK, but that doesn’t mean their customers are happy with their part in the PPI mis selling scandal that has for sometime cast a shadow of mistrust and eroded customer confidence. Customers are naturally reluctant to just ‘take their business’ elsewhere…they were all at it! Where do you go? Who can you trust to give accurate, impartial financial advice:  Sadly, it’s hard to say these days?

The financial services authority’s ruling: not found in the banks favour, has set the ball rolling for a multi million pound compensation bonanza after the banks lost their high court challenge over the latest in a series of scandals to befall the industry.

The gulf between bankers and consumers just keeps growing wider and has not been helped by these providers and banks dragging their heels every painful step of the way. In response to the ruling, the British bankers’ association expressed disappointment and prepared themselves for the estimated three million people in line to receive a refund. Consumers have been systematically and deliberately deceived over the years: cheated and preyed upon, but this is the end of the line, no more dodging and delay tactics: its time to pay back the money that was swindled.

PPI was meant to provide income in the event of unemployment through sickness, redundancy, or injury, but many people were sold this insurance that could never have benefited from it, if the worst came to the worst. Many customers were told it was compulsory! No insurance…no loan and this was untrue. These policies were a minefield of traps and ambushes: and the staff that sold these products weren’t there to help, they were there with one objective…to get your signature, and earn a nice fat commission. And that’s just downright dishonest!

The new reforms will mean the banks and other providers will, in the future, face real competition for protection products; where in the past there was very little, or none. As a consequence of these reforms, the prices consumers currently pay for PPI should fall significantly.

In a recent interview Lloyd’s director of customer service Martin Dodd, promised big changes within the organisation, and acknowledged the mistakes the bank made for its role in the mis-selling of payment protection insurance: for which the bank has already apologised. He claims the bank has got better at fixing things! Whatever that means?

Although Lloyds have trained some 40,000 front-line staff to take ownership of complaints and to attend to customers complaints immediately where possible, it’s training for their sales staff that should be top of the agenda! Its preventative actions needed to make sure it can’t happen again. Santander also announced recently it was implementing an extensive re-training programme for its staff.

If you have taken a loan out in the last 10 years then it’s almost certain you were offered PPI, or you bought PPI without your knowledge.  If you find the prospect of checking or reclaiming PPI a stressful prospect, or fear having to complete lengthy questionnaires and dealing with indifferent providers, then contact one of our team – we will give a quick and truthful answer as to whether there is a valid claim for PPI repayment.

Even if you can’t find your policy documentation, don’t worry, it is not necessarily a lost cause because somewhere along the paper trail there will be payment and transfer records to help verify your claim.

 






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Congratulations! You're one step closer to receiving your compensation for mis–sold Payment Protection Insurance.


If all details look OK you will receive a Claim Pack through the post, usually within 48 hours. If there are any issues we need to discuss one of our advisors will call you.


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