New TSB Bank Promises To Change Industry After PPI, Financial Scandals

UK’s newest financial institution said that it wants to “play fair” with customers and change the public perception of banks once and for all. According to the bank’s Chief, Paul Pester, TSB sets out a vision that will revolutionize the image of the banker through the systems that ensure fairness on both sides.

According to Mr. Pester, the UK’s banks had spent six years making headlines. I would agree with him on this one. It had been almost half a decade since the Financial Services Authority and the consumer group Which? had found out about mis-sold payment protection insurance. Thereafter, millions of consumers made their PPI claim against their respective banks, and the process moved slowly because banks “dragged their feet”, as ex-FOS Chief Ombudsman Natalie Ceeney would say.

Mr. Pester said that even if banks and lenders are trying their best to fix the problem, if their basic systems are still found in the same root, then they can never convince people that they have indeed, changed.

He said that TSB has a chance because it will begin with a clean slate. Mr. Pester and his team interviewed many consumers to know what the public wants from their banks. The team found that they just did not want any of the “funny stuff” that caused several financial disasters in the UK.

According to him, TSB, along with other banks, have a moral responsibility to make decisions for the advantage of local communities and economies. He pointed out that banks and financial institutions have become more greedy for profit. Mr. Pester said that customers just want to have their money and not go through a lengthy process with lots of ‘catches’ to get it.

Money Saving Expert Calls on PPI Claimants to Reclaim their PPI

An undercover investigation by a Times Magazine reporter revealed that Lloyds’ Royal Mint Court Centre intentionally mishandled many consumer PPI claims. Martin Lewis calls on UK customers to reclaim their PPI as soon as they can.

A Times Magazine reporter went undercover as a recruit for Lloyds’ PPI claims handling centre in Royal Mint Court. The reporter shed light about bank trainers telling recruits that the job was “morally difficult” because they need to keep a “blind eye” on obviously forged documents and treat them as if the customer actually filled them up. They also encouraged recruits to reject claims because the Financial Ombudsman can resolve the claims more effectively.

Public outrage sparked against Lloyds, who pointed to contractor Deloitte for the shortcomings. Lloyds said they have fired Deloitte, their contractor in Royal Mint Court, because they have not met the standards set by Lloyds for handling PPI claims.

Martin Lewis said that if Lloyds or any bank or lender has turned your PPI claim down, it is important that you fight if you feel you were mis sold the insurance policy. Lewis, one of the founders of Money Saving Expert, said that re-filing your claim was part of the system.

Lloyds said that it does not endorse the comment and statements the trainers made to recruits following The Times reporter’s undercover report because they do not reflect the high straining standards of their claims handlers.