Is a ‘Complaints Culture’ Causing the Increase in Claiming Back Mis-sold PPI?
In 2011, £1.9 billion was paid to the victims of mis-sold Payment Protection Insurance (PPI), fuelled by the increase of media attention on the banks mis-selling PPI, claim management companies (CMC) and the notion that Britain has emerged as having a ‘complaints culture’.
Research by business Hazel Carr, found 70% of companies believe increased media attention is causing the increase in complaints, followed by 66% of companies believing the heightened exposure of CMCs is a key factor. The increase urges companies to develop a complaints procedure which is second to none, and also emphasises Britain having a ‘complaints culture’.
When consumer confidence with banks is at an all time low, it is only natural that the British public should seek justice for the inappropriate actions of the companies they previously trusted. And due to the increased emphasis people place on other people’s actions through their recommendations, testimonials, and reviews, the spiralling effect of claiming back PPI has begun. To anyone, the prospect of dealing with financial products is daunting, and if the process of PPI re-claiming can be simplified, whether it is through the media or CMCs, it is undoubtedly a benefit many will find helpful and share their experience of.
We would argue that, for as long as companies operate in a manner which results in complaints being made, complaints will be made. However, it is important to note that even though the action may have occurred a long time ago, repercussions can exist for many years; hence there is still another £5 billion expected to be paid out to those mis-sold PPI.
If you would like to know if you are eligible to claim back PPI, please call us free today. We operate a no win no fee service, and our sole commitment is to entitle you to the money you unfairly paid to the banks, without stress or worry.
The Financial Ombudsman reports 264,000 complaints against financial products and services in 2011, 60% of which were about PPI refunds.
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