PPI Claims Reckoning: Banks Pay Out for 6,000 New Staff & £5 Billion in Compensation
Following the FSA’s demand that banks speed up the PPI claims process, the big four have announced they will need to hire as many as 6,000 staff to deal with the huge backlog of complaints.
Britain’s banks also anticipate compensation payouts to total as much as £5 billion, with Lloyds bearing the brunt; its bosses have announced that £3.2 billion has been ring-fenced in order to meet forthcoming compensation demands.
Many of the 6,000 new workers needed will be sourced from third party agencies, however some banks have suggested they plan on offering the complaints handling positions to workers due to be made redundant.
Andrew Kwan, solicitor with Manchester-based PPI claims specialists ClearLaw Solicitors, comments: “The banks were attempting to use the legal system to hold up the PPI claims process, but that tactic has now been abandoned.
“On the whole, they’ve treated their customers very poorly. In my opinion this PPI claims mis-selling has already been allowed to go on for far too long; it’s about time people were awarded the compensation they deserve.”
It is estimated that around 13 million PPI products have been sold in the UK, and in 2006, the UK public paid £4.4 billion in premiums. Of these 13 million products, experts suggest that between 50% and 70% of policies have been mis-sold.
“If you are unsure as to whether you’ve been wrongly sold PPI, the best thing you can do is get in touch with an expert solicitor for legal advice on how best to proceed” continues, Andrew Kwan.
“They’ll be able to tell you whether you can claim, how much you could claim and how to go about kick-starting the claims process.”
ClearLaw Solicitors is one of the UK’s foremost specialists on payment protection insurance claims. For more information on PPI claims, visit: http://www.clearlawonline.co.uk/ppiclaims/
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