Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 19th of April 2018
May 11, 2011

PPI mis-sales to generate thousands of temporary jobs

by Gill Montia

Story link: PPI mis-sales to generate thousands of temporary jobs

PPI mis-sales to generate thousands of temporary jobs PPI mis-sales to generate thousands of temporary jobs

The ending of banks’ resistance to reviewing potential payment protection insurance (PPI) mis-sales in line with new rules from the Financial Services Authority (FSA) could lead to a glut of temporary job opportunities in the UK financial sector.

According to a report in The Guardian, Lloyds Banking Group, Barclays, HSBC and RBS will together need 6,000 temporary staff to sift through millions of PPI complaints from customers.

Quoting “sources” the newspaper added that temporary office accommodation will also be needed to house the workers.

Earlier this week, the British Bankers’ Association said it would not be appealing against April’s High Court judgment regarding banks’ handling of PPI complaints, following its judicial review of the FSA and Financial Ombudsman Service.

So far, Lloyds has made a provision of £3.2 billion for contacting and redressing customers; Barclays £1 billion and HSBC £267 million.

RBS has described potential costs as “material”.

 

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