RBS and Natwest have claimed they have become the first UK banks to put a stop to the ridiculous target driven culture within its branch network.
Whilst we welcome the news, if indeed it turns out to be true of course, there are some pretty worrying points to be raised out of this announcement.
Why has it taken so long?
Everybody is aware of the PPI mis-selling scandal which continues to rumble on, and will do so for years to come.
The mis-selling of PPI actually started back in the 1980s before eventually being raised as a concern in 2005.
So why has it taken 10 years since concerns were raised for the first banks to decide to try and change the culture of targeting staff to sell products, which inevitably leads to mis-selling?
Put simply, the profits on offer for mis-selling by banks and lenders far far far outweigh the fines dished out for being caught.
With £50 billion worth of PPI policies sold since 2001 alone and our estimation of a final PPI bill being around £42 billion you can understand the banks will still make huge profits from the scandal.
Why haven’t other banks stopped the culture?
Unfortunately, as with all banks and lenders, the answer is greed.
The Lloyds Banking Group, incorporating Lloyds, Halifax, Bank of Scotland and Blackhorse, were fined £28m in December 2013 for their sales and targeting culture.
Whilst £28m may seem a lot on the surface it clearly didn’t have the desired effect in making the much maligned bank remove it’s bonus structure for selling products to customers.
Have you had PPI?
PPI was sold on all forms of credit, such as mortgages, loans, car finance, hire purchase agreements, credit cards and store cards.
Not sure whether you’ve been sold PPI?
Our fast and comprehensive checking systems that have been set up with almost all banks allows us to find out whether you’ve been one of the millions who have had PPI.
Not sure whether you qualify? Check here to see whether you may.
Our average successful customer award is £3,332**!
Want to know how much you may be owed? Why not try our PPI calculator.
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.
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 PPI or PBA 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 PPI 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.