Banks have taken legal action today against the FSA

[benhunt]

Re: Banks have taken legal action today against the FSA

I think that the blanket PPI refund policy is the Government's way of spanking the banks in public.

It's made zero difference to the boy's club with their billions in bonuses. But it did hurt the branch staff.

[teaboy2]

Re: Banks have taken legal action today against the FSA

And you bring up a 2 year old thread to tell us that - Even though the banks have already admitted to misselling PPI including NATWEST. Yes your wife may not have personally missold but thats beside the point.

[EXC]

Re: Banks have taken legal action today against the FSA

Not all PPI was mis-sold. My Mrs just left Nat West after 20 years, the last 10 as one of the top customer advisers in the country. She never once sold PPI to anyone who didn't need it.

I'm not sure that Di said that all PPI was mis-sold.

I think your good wife's record is admirable. Equally so is Di's as she is this and other forums' top PPI mis-selling adviser - for which receives nothing in the way salary or commision.

[EXC]

Re: Banks have taken legal action today against the FSA

I think that the blanket PPI refund policy is the Government's way of spanking the banks in public.

It's made zero difference to the boy's club with their billions in bonuses. But it did hurt the branch staff.

For your information there is no blanket PPI refund policy.

[labman]

Re: Banks have taken legal action today against the FSA

She never once sold PPI to anyone who didn't need it.

How do you know?

[di30]

Re: Banks have taken legal action today against the FSA

Hi Ben and welcome

Good for your wife, glad to hear it, and it was the same for my sister's where 2 of them also worked for the banking industry, neither did they.

This is in regards of customers that have been actually mis sold PPI, where they have a right to make a reclaim if they have good reason to do so.
And yes you are right, thankfully not everyone are mis sold, if it's a policy that suits them and their full requirements, that is fine ;-)

The point here is that many have been mis sold, the policy worthless, and with that if there was a claim to be made, say for example sickness, if that customer was to make a claim on that certain medical condition, the high chances are they will not pay out as it was more than likely to be a pre med condition when the finance was sold! That is just one small example. Money wasted, so the customer's lost money and been deprived too!

[di30]

Re: Banks have taken legal action today against the FSA

I would like to add though, I am aware of the pressures the staff were under to sell the product, my sister's did not actually work within that actual dept, but they did know what went on.

[di30]

Re: Banks have taken legal action today against the FSA

It's this thread's birthday! Yay 2 years! , blimey the years are flying by lol

[leclerc]

Re: Banks have taken legal action today against the FSA

Not all PPI was mis-sold. My Mrs just left Nat West after 20 years, the last 10 as one of the top customer advisers in the country. She never once sold PPI to anyone who didn't need it.

I worked in NatWest for 11 years before I was sacked for Gross misconduct on the basis of passing on information about the bank charges campaign to the press. Let me be blunt: as customer advisors the sellers were under amazing amounts of stress to get sales by hook or by crook. In call centres, I know that there was pressure of advisers to get sales based on gross income or targets. She was targetted for whole swathes of performance enhancers such as for example, her earnings could double her basic pay if she got those targets. If you are telling me that she never used said that a loan fully protected would cost x amount then she clearly didn't follow the blurb that came down from on high. I worked in retail ie the branch network so I remember fully being able to quote the words "a loan fully protected would be x, y or z amount". Now please do not tell me that it was not done because that is what we were trained to say. I remember clearly 10 years ago that phraseology. We earnt c£600.00 per policy sold, it doubled the points for new borrowing. A £25k loan could get just 250 points for the branch but a £25k loan plus PPI loan got 500 points(and in some campaign days that was 600 points). I worked in banking and I guarantee you that you can NEVER say that ever single solitary loan over the last 10 years was clean or that no one has complained to the bank about a sale she did on PPI. Glad she was a top seller but sorry, our loan sales early doors were as squeaky clean as you may think that they were.

[leclerc]

Re: Banks have taken legal action today against the FSA

I think that the blanket PPI refund policy is the Government's way of spanking the banks in public.

It's made zero difference to the boy's club with their billions in bonuses. But it did hurt the branch staff.

Everything hurt the branch staff cos, and your wife will know this, Sir Fred asking for government money hurt, the fact that we hit people of BILLIONS of pounds of bank charges and that when the branch staff said NO and head office said yes, it felt like a slap in the face. The fact that you were abused in a banking hall for doing the job that these people in glass houses were saying to us was the refunds process.
I learnt the processes that basically got a bum on a seat(the hook or crook method). I used it, it is still used today and it's about the sale. That is what head office want is the sale.
Sorry but you've introduced NatWest to the mix so let's talk branch staff. In 2009(year I got the sack) was the first year that staff did not receive a 10% of salary March bonus since the time I started working there. HOWEVER, they got a 10% pay rise backdated to January of that year.....so that's a 10% salary rise when other industries were having to cap salaries and just after we had accepted billions in government bail out money.
Branch staff were abused in branches and that was bad but that loss of bonus to branch staff was not that bad as the 10% rise in annual salary that year to compensate.

[leclerc]

Re: Banks have taken legal action today against the FSA

Ben, for reference the old username was "NatWestStaffMember"(I could have posted under that pseudonym but I do not work for the bank anymore).

In case you may think I was unfairly dismissed and hold a grudge against the bank or am disgruntled, the opposite is the case. I loved every minute of my time working for the bank. I loved the people I worked with(many of whom have left the bank but remain friends with me) and was not unfairly dismissed.
However, I know how the system works and I know that branch staff are targetted. I've seen the way the language is used from a customer perspective and not too much has changed.