Lloyds staff STILL targeted on sales
The huge profits on offer for selling these overpriced, and often useless policies, led to a culture of rewarding staff who hit high targets, and punishing those who didn’t.
Customers were mis-sold policies in so many varied ways, from being advised they had to take them, to not even being aware they had been added to their credit agreement, or bank account.
Staff had targets to hit, and had to find the ways and means of selling these products.
For more information on how PPI policies were mis-sold follow this link.
Likewise, for information on how PBAs have been mis-sold, we’ve created this little guide too.
Billions in compensation
The uncovering of the malpractices has led to millions of complaints, and billions in compensation being paid out.
Indeed, our estimations suggest there are still around 7 million who haven’t yet made a claim, probably because they are unaware they’ve been sold PPI.
The new PBA scandal is upon us, and with at least 1 in 5 UK consumers affected, this has the potential to reach the heights of the ongoing PPI scandal.
The Lloyds Banking Group have been by far the biggest culprits, accounting for 40% of compensation payouts and complaints.
So, you’d think they’d be focusing on trying to put their wrongs right…
Lloyds staff still targeted
Almost a year ago to the day Lloyds were fined £28 million by the Financial Conduct Authority (FCA) for their continued practises of targetting staff with sales.
Given this was the major reason behind the PPI scandal, and with the PBA scandal upon us, you would have assumed that a £28 million fine would give Lloyds the kick they deserved and needed.
Unfortunately it comes as no real surprise anymore that the banks take little notice of such regulatory action, and this is evidenced via an allegation made by the Lloyds Trade Union (LTU).
The LTU allege that Lloyds staff are still, even after fines and compensation payouts, being targetted on sales!!!
Why are Lloyds and other banks and lenders continuing to break the rules in the search for profits?
It’s simple really. The regulatory fines issued to banks serve as no deterrent.
Whilst they may look large at first glance, when you take into account the profits that are on offer for breaking the rules, it becomes abundantly clear that things must change.
Rather than issuing a bank with a set fine, the FCA need to move to a fine based on the percentage of profits made by banks.
New rules introduced in the Claims Management industry mean that any company who breaches rules could be hit with a fine of 20% of turnover.
We welcome new guidelines as we believe it will flush out any rogue companies that may remain.
We just wish that banks and lenders faced the same tough action.
Do you have a claim?
Not sure whether you’ve been sold PPI? Our fast and comprehensive checking systems that have been set up with almost all banks, allows you to find out whether you’ve been one of the millions who have had PPI.
Not sure whether you qualify for PPI compensation? Check here to see whether you may.
Want to know how much you may be owed? Why not try our PPI calculator.
Do you pay a monthly fee fore your bank account? Check here to see whether you may qualify for compensation.
So….how do you start your claim?
#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your claim.
#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.
Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.
So….why wait, let’s get started!