Have your say: Confessions from the industry

Tell us your experiences of working in the personal finance industry

A former PPI claims manager has confessed to Money Box the guilt he feels at how many people's claims he had to turn down.

Do you have stories to tell us from your time working inside the financial services industry?

Whether they are tales from the frontline or the backroom, we would like to hear them.

Send us your confessions

YOUR COMMENTS

When my firm of pension consultants was taken over in 1997, my new boss made me redundant and was impervious to all explanations that some of the jobs which only I could do were not going to be covered anywhere in his "merged" company. In my last week, one of our major clients needed a detailed report on one of my specialities. I quoted a very low price, regretted that I wouldn't be around to do it, but the client should contact my new boss who would give the same service as I would have done. I do wish I could have seen the panic when the quotation was accepted.
Chris, Surrey.

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I work for a finance company which covers the whole of the UK, and whilst we used to offer PPI, this was always on a monthly (ie: not single lump sum premium) basis which accrued no interest. Not a day now goes past when we receive letters from customers or claims companies demanding refund of premiums as PPI had been miss-sold, added onto their loan, interest charged etc. Easily 95% of these letters relate to customers that have never had PPI. Claims companies are jumping on bandwagon with a view that if they put in enough claims, eventually they will get an agreement where there was PPI. Even then they seem to refuse to accept the fact that our product was monthly premium, non-interest bearing.

The Ministry of justice seems unwilling to clamp down on such (claims) companies. If my house was burgled and I told the insurance company that I had a 50" TV stolen despite never owning such an item - it is blatant fraud. What is the difference between trying to claim refunds on insurance premiums that were never paid. Unscrupulous claims companies are assisting in this fraud. The pendulum has swung too far the other way, and with press and radio ads, claims companies no longer want to ascertain whether customers actually had PPI, or if they had, then it MUST have been miss-sold. As before they (and their clients) are attempting fraud, but nothing seems to be happening about it.
Anon

COMMENTS FORM

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