Despite the PPI crisis requiring huge efforts from the UK banks to correct their mistakes, there have been some positives to take away from the situation. An estimated 20,000 jobs have been created, providing excellent opportunities for those entering the industry.
Under scrutiny by the regulators and with vast coverage in the media, the PPI crisis has resulted in huge efforts by the UK banks to right the wrongs done to their customers in the mis-selling of PPI. A reported £14bn has been set aside by the main sellers of PPI to compensate their customers.
In turn, this has led to the creation of an estimated 20,000 jobs in the big banks, providing excellent opportunities for graduates and experienced workers to enter the financial services industry. This has provided welcome relief to some, in a struggling economy with high unemployment rates.
Since 2009 Grovelands has made over 1200 PPI contract placements into UK banks.
We have seen an upward trend in our PPI associates studying for financial services qualifications in preparation for the future. A growing awareness of the market is also evident.
As a result of this, we now have a workforce ready to adapt and retrain in reaction to the changing market. With this will come the opportunity to move into other areas of the financial services and to work on different products.
As well as our PPI teams, Grovelands has Wealth Management, Insurance and Banking, and Compliance and Risk teams. They specialise in recruiting into business review projects relating to investments, pensions, general banking, mortgages, and travel and medical insurance, as well as positions in compliance, regulation and risk.
We look forward to a continued and progressive relationship with our associates, and will keep our eye on the market, the FCA and the media for early signs of where we should all focus our attention next. Join the discussions in our official LinkedIn group.