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Banks hiring staff to deal with PPI claims

The misselling of payment protection insurance (PPI) has resulted in a jump in the number of claims managers hired by banks during the first quarter of the year.

This is accorded to a survey by financial services recruitment firm BrightPool and reported on in The Scotsman, which found 60 per cent of these professionals were hired to deal in PPI compensation scheme departments.

Furthermore, 46 per cent of these individuals are dealing with redress.

Which? recently reported that up to £8 billion has been set aside by British banks to deal with PPI compensation payouts.

Lloyds Banking Group has earmarked £3.2 billion for this purpose, with a further £850 million in the Royal Bank of Scotland's PPI claims fund.

BrightPool managing director Angela Hickmore told the Scotsman: "Financial institutions have learnt from the difficulties faced at the time of the endowment [mis-selling] scandals and this time are reacting quickly to ensure they can manage the high volumes of [PPI] claims."

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-801336406-ADNFCR

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