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PPI – The Buck Doesn’t Stop with Sales Staff

The long awaited Banking Commission report released earlier this year made a number of important recommendations in an effort to improve the standards of bank financial advisers and how they do business. The financial Services Authority (FSA) chief executive Hector Sants promised the commission those providers who continue to give customers poor and false investment advice would be dealt with promptly, and severely.

The PPI mis selling scandal has continuously focused on “advisers and sales staff” for the “mistakes” made in the past, and we are supposed to believe this! It “appears” there were thousands of misinformed sales staffs up and down the country…in all the major banks – all playing the same game – all employing the same tactics, a likely story!

In almost any other industry, with a scandal of this magnitude, heads would roll – and management heads at that. But not a bit of it! It seems things are done differently in the banking sector. The same rules do not apply!

PPI was one of the biggest commission based earners for big banks such as RSB, Barclays, HSBC and Santander – who together with other co- conspirators – are guilty of mass mis selling. The gravy train was big, with enough loot for everyone to enjoy. The bigger you were, the bigger your slice of the action.

Life insurance and PPI is fairly simple to understand, providing it’s explained by competent advisers…advisers with integrity and a degree of honesty: and not motivated solely by commission and bonuses. The outcome of the FSA rulings on the PPI scandal means there are approximately three million people waiting in the queue for compensation. The total bill could be up to £9bn.

We are expected to believe there was an army of rogue bank advisers, who collectively disobeyed their employers as they scrambled and schemed to procure these high commissions and bonus payments. No! I don’t believe it either! They were simply doing their job as they were trained, as they were instructed. Rather than pointing the finger of blame at their own sales advisers it is senior management that should take some of the blame - the biggest proportion.

As suggested by the Future of Banking Commission, the most efficient way of bringing about a ( much needed) culture change – a change in attitude and behaviour, is to ensure that senior management are personally held to account.

Many people were told PPI was compulsory – it wasn’t, and isn’t - this is blatant mis-selling! Tens of thousands of self-employed, unemployed, retired, and people with certain medical conditions, have all been ripped off by unscrupulous sales staff. This highly lucrative and profitable little earner meant huge commissions and incentive bonuses to banks and the other providers. But as with most scams, there’s only so mileage in it…cannot last forever, hence the “lets fill our boots, while we can” attitude.

If you have taken a loan out in the last 10 years then it’s almost certain you were offered PPI, or actually bought a policy. Even if the loan has been repaid in full, you may still be able to claim back the cost of the payments you made, plus interest!

Not all PPI complaints will lead to a bank or lender offering compensation. The bottom line is, if you’ve had a loan anytime in the last 10 years you could be entitled to PPI compensation! Here at Consumer Finance Claims we look to recover the full cost of the policy plus interest if we believe that you have been mis-sold PPI. Even if the loan is still running we can look to reduce your ongoing payments as part of our negotiations






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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.


Either way you need to return your Pack as quickly as possible to prevent any delays with your claim!