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Banks 'struggling with volume of PPI claims'

Banks are struggling to deal with the total volume of PPI claims and are finding it difficult to source and retain staff, a study has shown.

Brightpool, a financial services recruitment firm, pointed out that annual staff turnover has grown to reach over 50 per cent at outsourced contractors that have been hired to deal with missold PPI refunds.

Very few people are competent enough to process these cases and capable of dealing with the pressures the huge backlog brings, it continued.

Barclays Bank recently set aside an additional £700 million to deal with PPI claims, with the overall industry bill expected to hit more than £10 billion.

Managing director of Brightpool Angela Hickmore suggested that companies processing PPI refunds are "swimming against the tide".

"It's becoming a real struggle to keep staff, as PPI claims handling departments tend to be very high-pressure environments, with extremely repetitive and target-based tasks," the representative pointed out.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801473651-ADNFCR

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