Which? and MoneySavingExpert.com hosted a summit yesterday to kick-off our joint initiative to put consumer interest at the heart of PPI compensation. There’s work to be done but we’ve made good progress…
I don’t think there are many people who haven’t heard about payment protection insurance – or PPI as it is most commonly known.
No doubt you’ve seen an advert or received a text from a company promising to help you get ‘thousands of pounds back from mis-sold insurance’. Our recent research shows that 93% of people had either seen an advert or received a text about PPI.
No more ‘talking shop’
Although the issue has been around for years, we still feel that it is not ‘job done’ in terms of getting consumers the best deal. This is why we teamed up with MoneySavingExpert.com to campaign on an area of joint concern. We arranged a summit and launched a joint radio advert.
We kicked things off by gathering together representatives from all the major banks and credit card providers, regulators and the Financial Ombudsman Service. Now it’s not often you get this invitee list in a room together.
Our aim? To focus on the problems and look for solutions – we didn’t just want another talking shop. We wanted to demonstrate that you have the right and ability to complain yourself and you don’t need to pay a third party to do it for you.
The outcome? We highlighted how we want to help restore trust in the PPI claims process and got all parties to agree a set of actions. Our agreements included calling for a standardised complaints procedure, improving customer communication and providing tougher regulation of claims management companies (CMC).
Making consumers HaPPI
We think this is a job for everyone – banks and financial providers, government and consumer groups all have a role to play to make this happen.
We’ll also be meeting with CMC representatives. We need to work out how we can help encourage best practice from companies who base their business on managing claims on your behalf.
Have you ever been put off trying to reclaim PPI by your bank or provider convincing you there’s lots of paperwork involved? Have you turned to a claims handler as a result? We’re hoping, slowly but surely, to empower more consumers to take this on themselves, but as ever, we love to hear your views to help shape our work.