Banks struggle to handle last-minute surge in PPI complaints - MSE News

peterbaker

BoGoF wrote: »

Really? Considering PPI hasn't been sold since circa 2010.......

Unlike most bank staff who kept their heads down and sold and trained on what they were told without question beyond "and what do I get for selling it?" with the reply "you get to keep your job if you make targets consistently", I was complaining strenuously to the highest levels within my employer about several of these products and sales methods. I chose my words carefully in my earlier post. 2010 was indeed part of the last ten years, plus banks were unable to kick their greedy habit immediately so by then in league with equally greedy insurers like Aviva had launched other products for their "sellers" to thrust upon customers as soon as they were (finally) stopped from selling single premium PPI on personal loans.

Some other types of PPI seem to continue to this day and whilst I am no longer close to it, I don't suppose the commission levels have been moderated by much since the Plevin case either?

It seems now that the same banks were also guilty of mortgage misselling contrary to new rules commencing October 2004. Plus it is worth reminding that they have sold so many different types of insurance product with multiple different names for similar products, and all in the guise of bank services, that most of us have lost track, and so have most bank staff who never had to service what they had sold anyway. "Wham bang thank you M'am" used to be the phrase for that sort of "selling".

quoia

Monkeyman87 wrote: »

The natwest claim form was playing up yesterday with online application service errors coming up after submitting the form.

No idea if it went through or not so did it again later when the main site came back up and seemed to work. Wish it would send an email confirmation though, probably stop a lot of unnecessary phone calls as well.

This PPI query form

https://www.natwest.com/apps/secure/applicationforms_dda/asp/form.asp?appid=359

is currently coming up

Online Application Service Error

Due to system problems, we are unable to progress your application at present.

We are sorry for the inconvenience, please try again later.

Gonna-be-debt-free

peterbaker wrote: »

...Plus it is worth reminding that they have sold so many different types of insurance product with multiple different names for similar products, and all in the guise of bank services, that most of us have lost track, and so have most bank staff who never had to service what they had sold anyway. "Wham bang thank you M'am" used to be the phrase for that sort of "selling".

Yes, yes, yes! :T

Keep_pedalling

peterbaker wrote: »

You get real. Most people who ever walked into a bank or who took out a credit card in the last three decades were systematically missold to.

Banks became addicted to enormous commissions on very dodgy insurance related products and they bullied their sales staff into misselling these products at every turn.

FSA should have clamped down on it much much sooner than they did and FCA should by now have insisted that banks write to customers about compensation owed without the need for customers to apply by a deadline.

Sorry but only if you lived on planet Zogg for the last couple of years have you a real excuse for leaving it so late.

The only way you could make banks pay out automatically would be to declare all PPI as mis sold, which was not the case.

peterbaker

quoia wrote: »

This PPI query form

https://www.natwest.com/apps/secure/applicationforms_dda/asp/form.asp?appid=359

is currently coming up

Yes this is totally unacceptable broken tech. It is the same error message when attempts are made via the RBS Online PPI Claim Form links at https://personal.rbs.co.uk/personal/support-centre/how-to-complain/ppi-complaints.html whether it is a sales complaint or a Plevin complaint form you click on. The error message URL is the same: https://www.rbs.co.uk/apps/secure/applicationforms_dda/error/system-error-page.asp

Why oh why can RBS not perform when it comes to their IT systems? Barclays online form is up, Lloyds is up via all their various websites including Halifax, MBNA is up. Even the lowly Co-op is up.

peterbaker

Keep_pedalling wrote: »

Sorry but only if you lived on planet Zogg for the last couple of years have you a real excuse for leaving it so late.

The only way you could make banks pay out automatically would be to declare all PPI as mis sold, which was not the case.

It very much is the case. Plevin proved that. Plevin proved that disgraceful corporate greed was foist upon all customers by conflicted bank staff worried about keeping their jobs if they didn't push these awful products as they were told. All bank staff who were involved in bullying the staff in their charge to do this should be throughly ashamed. Many have retired on fat pensions that they do not deserve.

[Deleted User]

peterbaker wrote: »

It very much is the case. Plevin proved that. Plevin proved that disgraceful corporate greed was foist upon all customers by conflicted bank staff worried about keeping their jobs if they didn't push these awful products as they were told. All bank staff who were involved in bullying the staff in their charge to do this should be throughly ashamed. Many have retired on fat pensions that they do not deserve.

Plevin "proved" nothing of the sort. Not everyone who had PPI is even eligible for a Plevin refund.

While there is no doubt that loan and credit PPI was an expensive and rubbish product that was widely mis-sold, not everyone who had it should have been automatically refunded.

peterbaker

Moneyineptitude wrote: »

Plevin "proved" nothing of the sort. Not everyone who had PPI is even eligible for a Plevin refund.

While there is no doubt that loan and credit PPI was an expensive and rubbish product that was widely mis-sold, not everyone who had it should have been automatically refunded.

Says you. The worst part of any insurance deal is grossly inflated commission if it exists. It did - with every deal the banks ever made. That is mis-selling whether you call it a Plevin refund incident or anything else. Do you know anything about how to treat an insurance customer fairly or a retail banking customer for that matter? Do you know what reasonable insurance middleman commissions look like? Do you know anything about what a proper insurance product looks like? Banks missold pretty much everything they touted. Some of them exploit elderly customers mercilessly, moving products they have sold to them over lifetimes to completely remote adminsitrations under different names, closing branches, putting poor quality staff in what remains of open branches. Paying piddling interest on savings in a currency that has been devalued 20% in the last three or four years. Some of them ran away from compliance enforcement when it got too hot - closing down entire sections of their retail insurance and investment operations more than once.

Banks couldn't sell insurance properly for toffee. Never could, never should have, never did sell it properly, never will with the sort of staff they put in front of customers and the way they motivate/bully/"train" them.

The PPI scandal ain't the half of it. And what is worse, the government and poodles FCA and PRA are still applying soft touch regulation. The only bankers jailed are petty thieves employed in branches. The real crooks are still retired on enormous executive pensions, laughing away scot-free.

By the way, if anyone is interested, RBS seem to have got their online claim form up and running again - perhaps they read this thread and felt embarrassed at being odd man out :mad:

[Deleted User]

peterbaker wrote: »

Says you.

Thank you for your contribution to the forum. If you want to debate this further, I suggest you post to the "Praise, Vents and Warnings" forum..

brettcta

Just over 7 hours to go and you can argue to your hearts content about what proper middleman commission looks like because it won’t matter a hoot to anything (not that it matters much now).