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Banks Cannot Cope with Volume of PPI Claims

Millions of pounds are being added to the cost of the PPI scandal as british banks cannot cope with the sheer volume of cases that are being lodged against them. The Independent Ombudsman are dealing with an increasing number of cases as customers are complaining that the banks & insurance companies are simply failing to deal with them properly.

The number of cases refered to the Ombudsman is expected to increase by 25% to 285000 within the year. Regulators now seek to fine the worst offenders such as The Royal Bank of Scotland & Lloyds to the tune of 58 million pounds as they are failing to resolve customer disputes in a satisfactory timeframe.

"It is disappointing that there is little finality for significant numbers of consumers who are still waiting for their bank or insurer to deal with their complaint. When consumers & businesses alike are tightening their belts & facing uncertanties this is not welcome news for anyone"

To add to the banks woes there have been thousands of cases of PPI companies sending in invalid claims, this is an administrative nightmare that is just delaying the whole process even further & costing the banks even more. These PPI companies are deploying aggresive marketing tactics such as cold calling; unqualified & inexperienced cold callers are putting any case through in the hope of generating a hefty commision. In extreme cases cases have been put forward with no evidence of PPI ever been sold to the customer.






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