Recent studies show that Payment Protection Insurance is a problem that many financial institutions are struggling to factor into their everyday working processes.
It has recently become evident that the FSA has underestimated the amount of work needed by the banks and other financial services firms to address the volume of PPI claims effectively.
While some banks have worked particularly hard to correct their processes, others have failed to follow similar lines. The general need for change in their approach to PPI claims remains a critical necessity for any firm wishing to reduce their overall risk and control their costs.
Though many banks are responsible for complaints in relation to the PPI scandal which has engulfed the UK, it is unfortunate that all of them get the blame as some are not necessarily as culpable as others.
The chief executive of complaints management program provider Charter UK claimed that the relentless rise of PPI complaints will capture the attention of banks and additional financial services organisations for the foreseeable future.
The latest Financial Ombudsman Service figures highlighted the fact that complaints over PPI mis-selling rose by 42% in the first half of 2012. Mr Clark suggested that, faced with figures like these, firms ought to have realised that PPI is not a short-term business they can absorb in to their existing systems.
However, it is worth noting that numerous financial services organisations are taking a look at PPI and seeing it as an issue that requires sufficient attention and resources for at least a few more years.
PPI compensation
If you are keen to make a claim regarding PPI compensation, it might be a good idea to contact a claims specialist who can help to steer the process in the right direction and advise you every step of the way. It could be the perfect route claiming back what is yours.
