Banks may take until next summer to respond to last-minute PPI claims - MSE News

Former_MSE_Callum · 16 October 2019 at 10:58AM

Some people who tried to reclaim PPI in the run-up to August's deadline may not get a response until summer 2020 due to the huge volume of last-minute complaints, the financial regulator has warned...

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'Banks may take until next summer to respond to last-minute PPI claims'

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[Deleted User] · 16 October 2019 at 11:44AM

Hardly a surprise, especially as so many people who never had PPI in the first place were prompted to "complain" anyway....

Pheonixrising · 22 October 2019 at 9:49AM

Surely the banks have a responsibility to increase staffing levels etc to deal with the back log! Surely its simple maths that if there was 64 million policies sold and less than half have been investigated then there was going to be an influx of submissions leading up to the deadline, especially with all the media coverage and the banks should have been ready for it and had processing in place to deal with it!

[Deleted User] · 22 October 2019 at 9:53AM

Surely not, as they will end up pay more in interest to successful complainants in any case, and many will be try-it-on complaints.

Most customers don't want their overall banking costs to increase.

SonOf · 22 October 2019 at 11:12AM

Surely the banks have a responsibility to increase staffing levels etc to deal with the back log!

Training new people up to do the job will slow things down and then you end up with a glut of staff with nothing to do when it is complete.

PPI complaining has been going on for nearly 20 years. Those who left it to last minute will just have to be patient.

Especially when you consider that most of the PPI complaints at this stage are try-it-ons or fraudelent.

Surely its simple maths that if there was 64 million policies sold and less than half have been investigated then there was going to be an influx of submissions leading up to the deadline, especially with all the media coverage and the banks should have been ready for it and had processing in place to deal with it!

Surely you are not assuming that all 64m were missold?

[Deleted User] · 22 October 2019 at 1:18PM

Pheonixrising wrote: »

if there was 64 million policies sold and less than half have been investigated then there was going to be an influx of submissions leading up to the deadline

The Banks were of course braced for a large influx of additional complaints. However, additional delays are being caused by them also having to investigate and respond to "complaints" from a large number of people who didn't even have the insurance. Temporarily increasing staffing levels to cope with the demand is really not an option due to the additional cost.

As to your 64 million figure, by no means every policy was mis-sold and so many will remain not complained about.

The_squirrell · 22 October 2019 at 1:24PM

"Surely the banks have a responsibility to increase staffing levels etc to deal with the back log!"

Working for a non bank, any staff are now also dealing with the spurious claims for mis selling of anything, currently being submitted by Claims Management Companies, now that their PPI cash cow has passed away.

brettcta · 22 October 2019 at 7:05PM

it’s not only costs that are causing issues in staffing, it’s also causing an issue getting staff in who have the relevant skill sets to be able to properly investigate, calculate and work complaints, especially when every bank and lender in the country is facing the same issues and demand is much higher than normal.

[Deleted User] · 22 October 2019 at 7:24PM

brettcta wrote: »

it’s not only costs that are causing issues in staffing, it’s also causing an issue getting staff in who have the relevant skill set

It goes without saying that those with these skills are overwhelmingly likely to be already employed and so are unlikely to want a temporary position..

z1a · 22 October 2019 at 7:27PM

I put my claims in on 27th Aug, already received and banked one payout. A further 4 or 5 have been acknowledged and are in the pipeline.

onthemend · 6 December 2019 at 4:45PM

I made a claim in July 2019, it took RBS until 11th October to respond and make an offer. Their letter advised they would 'endeavour' to make payment within 28 days of receipt of the acceptance form. I called at the end of November to find out where the payment has got to, only to be told they have delays, they don't know when I will be paid and they have until Summer 2020! What can I do. . .?

Banks may take until next summer to respond to last-minute PPI claims - MSE News

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