Banks targeting sales over service
Banks will attempt to convince us that these mis-selling scandals are a thing of the past.
However, a recent poll taken by Which? has confirmed banks continue to pressure a target their staff to sell products regardless of whether they suit the needs of customers.
Banks and lenders have faced fines and compensation payments running into billions for flaunting the rules in order to generate obscene profits.
Customers needs and requirements take a back seat, with banks targeting and pressuring staff to sell products and policies to it’s customers.
The simple fact is that the fines and compensation paid out so far, even though the figures are huge, are nowhere near what the banks profited by mis-selling in the first instance.
Therefore the incentive far outstrips the risk for banks, so is it any wonder they are continuing to cheat the public?
Calls for a PPI deadline
This latest news comes as the FCA (Financial Conduct Authority) are about to release their report into the PPI mis-selling scandal.
There have been rumours that after years of pressure and cajoling by the banks, the FCA will crack and introduce a PPI deadline.
We have called upon the FCA to remember their reason for being, to protect the consumer, and have explained our reasons why a PPI deadline should not come into force.
Can we force banks to treat customers fairly?
Put simply, yes!
However, the FCA continue to dance to the tune of the banks rather than imposing sanctions and penalties which will make the banks sit up and take notice.
Customers complain to banks on a daily basis, and if these complaints are not satisfactorily resolved the customer can take their complaint to the Financial Ombudsman Service (FOS).
The FOS release data every six months regarding the complaints they receive, and the percentage of complaints that are found in the favour of the consumer.
We propose that should the FOS find in favour of the consumer over 50% of the time, the bank is fined 25% of it’s profits.
As the data is released every 6 months, if the bank continue to resolve complaints in an unsatisfactory manner, they would under our proposal lose 50% of their annual profits.
The proposal is simple, it’s effective, but unfortunately it will never happen given the weakness of the FCA.
If you took out mortgages, loans, credit cards, card finance, hire purchase agreements and store cards between the early 1980s until as recently as 2013 there’s a good chance you’ve had PPI.
- Unsure how to claim back PPI? We are the industry experts
- Don’t know whether you’ve had PPI? We find out for FREE !
- Can’t remember your account numbers? We don’t need account numbers or paperwork
- Not claimed back your PPI yet? It’s not too late
Sit back and let Your Money Claim do the work for you.
We’ll find out whether you have had PPI and deal with the bank/lenders at every step.
Unsure whether you have been mis-sold your PPI? Click here to see whether you qualify.
The average amount claimed back is £3,332**.
Packaged Bank Account Claims
The next BIG mis-selling scandal, following hot on the heels of PPI!
Want to learn more about the mis-selling of Packaged Bank Accounts (PBAs)? Click here.
- Not claimed your PBA compensation yet? Don’t delay, claim today !
- Not sure how to claim back on your PBA? We are the industry experts
- Unsure whether your PBA was mis-sold? Click here to see if you qualify
- Pay for your bank account now, or in the past? You may be owed ££££
If you pay anything from £5 up to £30 per month for any ‘benefits’ with your bank account then you could have a claim.
Many of these accounts were mis-sold and it is believed that there are still 10 million of these accounts still active in the country.
Making a Claim
Option #1: Fill in the ‘Start Your Claim’ form on this page. We’ll send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we provide, we’ll make a start on your claim.
Option #2: Click the ‘Download Claim Pack’ button. Simply print out the form, complete it and send it back to us. Our address and email address can be found here.
Our experts are on hand to answer any questions you have via telephone, email or our live chat facility.