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Archive for tag: Mis-sale of PPI

The Mis-sale of PPI was a Springboard

It is hard to imagine that is the sea of disgruntled and frustrated customers that any good could come out of the wholescale mis-selling of payment protection insurance (PPI). But many would argue that it has…

Claim management companies and their professional practice

There have been many claim management companies operational for many years, helping customers to claim compensation when they were mis-sold a product for example, or were hurt in an accident.

Over the years, the regulation of these companies has been called into question in England, Wales and Scotland. Some companies, new to the scene and with an eye on making money, charged huge fees that the customer was not made aware of.

Reputable claim management companies like Payment Protection Scotland would be in favour of a regulatory authority as this would protect our reputation from those less-scrupulous companies. Back in 2014, the Scottish Government announced it was in favour of regulation which would help companies like Payment Protection Scotland offer a service that is now considered highly valuable by some.

A moral shake up of the banking industry

There were many tough questions asked of the banking industry in the UK when the scale and proportion of the mis-selling scandal fully came to light.

Just when people thought they had seen it all, more policies and compensation claims seemed to be made. It was a tsunami of claims that never seemed to stop.

The peak of the wave now seems to have passed but there are still thousands of claims being processed on a monthly basis across banks and lenders - and there are still thousands yet to be made.

The process of compensating customers also caused a sea-change in opinion about how banks and lenders viewed their customers, their relationship with them and their attitude towards the,

At the same time the PPI scandal was rumbling on, there were other scandals too such as the rigging of the foreign exchange rate that some banks were allegedly involved in.

Customer rights - and their awareness of them

Customers were under the impression that they had limited or different consumer rights when it came to financial products and their ability to complain about them. In fact, the rights relating to some financial products are much the same as physical items bought from a shop.

More people are now aware of their rights, and what can and cannot happen when they buy a loan and so on.

In effect, something of this nature should not happen again… or can it?