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PPI compensation payments needn’t break the bank

4 min read
Author Business Systems UK
Date Jun 1, 2011
Category Financial Call Recording

For those contact centres operating within the banking, insurance and loans sector, payment protection insurance (PPI) is the hot potato right now. On 20 April 2011 UK firms lost a judicial review that will have a major impact on compensation relating to the mis-selling of PPI.

As a consequence banks and associated firms will now have to review past sales of PPI and use new guidelines to judge whether any policies have been mis-sold, regardless of whether or not customers complain.

With estimated claims, legitimate or otherwise, predicted to be in excess of £4.5bn for banks, and consumers potentially able to claim they were mis-sold a policy if a firm is unable to provide sufficient evidence to dispute that claim, the repercussions could be immense.

A resolution?
The good news is that a consumer is not eligible to claim compensation if a bank or firm can provide evidence that the PPI policy was sold fairly, with the full consent and understanding of the customer.

Business Systems is currently working with a number of clients to identify how the necessary evidence can be captured and used to support their PPI complaints handling process and decisions.

With many companies considering recruiting or redeploying a significant pool of resources for the sole purpose of manually identifying calls related to PPI, Business Systems have identified technology applications which dramatically reduce the time, resource and escalating costs of such initiatives.

The consultancy division of Business Systems is currently meeting with a number of customers and are highlighting how those firms can accurately search tens of thousands of calls per hour and quickly identify all PPI calls related to specific customer accounts. The aim of this is to provide context and evidence to fairly and appropriately validate or refute customer claims.

If this is something which is currently affecting your business find out more here> or contact us at 0800 458 2988 or for further details