CALL US ON: 01698 642013

Scottish PPI Claims Logo

SCOTTISH PPI CLAIMS

Scotland Wide PPI Specialists

PPI, Profits and Commission

30 October 2017

What contributed to the PPI mis-selling scandal becoming the biggest issue to have affected the British banking industry ever?

There are many reasons, and one was that PPI sales were driven by targets, along with relentless pressure to meet and surpass these targets. But these targets and commission payments could now mean you can claim even more in PPI compensation.

Profits

The total compensation bill is staggering, currently standing at around £24 billion but less than half of customers yet to make a claim - if they do - this compensation bill could top £100 billion according to some financial experts.

Undercover reporting

These figures in themselves illustrate the depth of the PPI mis-selling scandal but an interview with a former bank employee by The Guardian newspaper some years, shows the true nature of the PPI sales driven scandal.

Their experience relates to 2002 up until the employee left the bank two years later

The former employee reveals:

  • The primary focus of their role was to sell PPI on mortgages, accounts, credit cards and loans. Large loans sold with PPI scored the most 'sales points'.
  • The bank had quarterly sales targets to meet and there was immense pressure on teams and individuals to meet and exceed these targets.
  • The employeehad to sell 10 loans a week, with at least 7 or 8 of these loans with PPI. If they did meet their target (and exceed it), their take home pay was inflated by commission, now the subject of yet more compensation for customers.
  • They weretrained in 'disturbance techniques' which is raising the customer's anxiety levels about how they would pay the loan in the event of losing employment etc.
  • Intense pressure from higher up the management chain to meet PPI sales targets.
  • Underperforming employees were moved to non-sales roles.

The pressure on employees was immense leading to many customer advisors leaving their role within a year. If an adviser missed their meet targets, they would have to explain why.

Why is NOW the Right Time to Claim PPI Compensation?

The recent confirmation of an August 2019 PPI deadline could see the floodgates of PPI compensation claims being thrown wide open. And even though there are some months to the deadline, PPI claim can be complex and time consuming.

There has also been a recent ruling relating on the payment of commission and how the non-declaration of banks and brokers regarding the high commission paid also constitutes unfair selling - and this means you could be entitled to even more money back.

Take the first steps to claiming back the PPI compensation owed to you - call our team today!


Top