30 October 2017
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.
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.
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 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.
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!