Since 2011, an astonishing £13 billion has been paid in compensation to PPI customers by banks. However, as contract work in this area slowly winds down, what sort of projects can our graduate contractors expect to see next?
As I speak to you now, almost £13 billion has been paid back in compensation since the 2011 high court ruling into PPI to customers by banks, a truly astonishing figure. In that time the subject has been almost unavoidable with the media awash with scathing reports and countless advertisements on our screens.
However all things, good or bad, must come to an end. It is no secret to us and our contractors that PPI is slowly winding down, and so it’s important for us to start looking to the future and explore new areas where our graduates can continue to make their mark.
Which way next?
You might be thinking “that’s it?” That PPI was a one off and that nothing else can compare to its scale? Well perhaps you’re right, but although we may not see the number of claims and compensation anywhere near the same multitude, FOS figures show that there are a number of emerging complaint areas that we need to be aware of and be ready to act against.
Payday loans, Personal Equity Plans (PEP’s) and Mortgage Endowments are among the growing areas of concern, with significant rises in complaints seen throughout the last year.
So what does this mean for GGR Finance?
Being able to find the right candidates to fulfil these roles will continue to be our primary focus, however, the education of our contractors to equip them with the right tools to better understand these products could well be a key area in order to meet the growing demands of our industry. Qualifications including CeMAP and CeRCH for example, will enable our contractors to effectively deal with mortgage products and other regulated complaints.
Whatever happens, it’s sure to be an exciting and challenging road ahead for Grovelands’ Graduate Recruitment, and if the past few years are anything to go by, we could be in for another bumper year. Continuing our search for top calibre graduates for exciting projects throughout the UK is something I, and the rest of the team, eagerly anticipate.
– Michael King