Two contrasting stories show how employment can be created but also lost from the mis-selling of PPI.
One the one hand the recruitment organisation Manpower has said that the scandal has caused more than eight thousand extra opportunities being created by means of financial institutions taking on extra employees to handle the barrage of complaints from consumers wanting compensation for having been mis-sold payment protection insurance. Manpower says that 10k are working on PPI in banks and other financial institutions of which 8,000 are completely new recruits, rather than those who have been transfered in from their normal roles.
That volume is likely to increase more through the coming months with 13% more financial firms planning to take on more personnel rather than cutting down. Manpower also predicts that the level of PPI compensation claims and resulting payouts could have a beneficial effect on the economy. With the average payout in the region of 3,000, at least some of this is bound to be spent instead of being put away.
Contrary to the good news of a predicted eight thousand extra jobs, arrives news twelve being lost through a company that specialised in PPI complaints having gone bust. The firm, Tucan Claims, was in the process of an investigation by Trading Standards subsequent to hundreds of complaints, but has now gone into administration.
It charged a fee of 250 to process PPI complaints for consumers and several have reported paying the in advance though not receiving any reimbursement. Now, with the firm apparently having gone to the wall, customers are concerned they will never get their cash back.
News of this businesses demise comes after the Financial Ombudsman Service stated that a year ago it had been given over 5,600 complaints in which no plan was ever actually sold and the FOS put blame with the claims management companies, which charge upfront for their assistance and undertake, according to the FOS, a disappointingly lax procedure for filling out the list of questions on the part of consumers.
One the one hand the recruitment organisation Manpower has said that the scandal has caused more than eight thousand extra opportunities being created by means of financial institutions taking on extra employees to handle the barrage of complaints from consumers wanting compensation for having been mis-sold payment protection insurance. Manpower says that 10k are working on PPI in banks and other financial institutions of which 8,000 are completely new recruits, rather than those who have been transfered in from their normal roles.
That volume is likely to increase more through the coming months with 13% more financial firms planning to take on more personnel rather than cutting down. Manpower also predicts that the level of PPI compensation claims and resulting payouts could have a beneficial effect on the economy. With the average payout in the region of 3,000, at least some of this is bound to be spent instead of being put away.
Contrary to the good news of a predicted eight thousand extra jobs, arrives news twelve being lost through a company that specialised in PPI complaints having gone bust. The firm, Tucan Claims, was in the process of an investigation by Trading Standards subsequent to hundreds of complaints, but has now gone into administration.
It charged a fee of 250 to process PPI complaints for consumers and several have reported paying the in advance though not receiving any reimbursement. Now, with the firm apparently having gone to the wall, customers are concerned they will never get their cash back.
News of this businesses demise comes after the Financial Ombudsman Service stated that a year ago it had been given over 5,600 complaints in which no plan was ever actually sold and the FOS put blame with the claims management companies, which charge upfront for their assistance and undertake, according to the FOS, a disappointingly lax procedure for filling out the list of questions on the part of consumers.
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