The surge in PPI disputes has resulted in the creation of thousands of jobs. Despite this being a great opportunity for first time contractors, it may be pigeon-holing them into a specific area and preventing them from expanding their experience.
Earlier this year there was a surge of PPI disputes, which caused the creation of around 1000 more jobs at the Financial Ombudsman Service (FOS) to deal with these complaints. The FOS stated that in the 2013–14 financial year, they will be expected to deal with a groundbreaking 245,000 PPI cases. This is just one example of the number of jobs that PPI creates.
Whilst it is evident that PPI enables thousands of new jobs, from complaint handling to more senior roles, it can also be argued that working within PPI can inhibit career growth in different workstreams.
For example, let’s consider first time contractors. In the majority of cases we can see that contracting roles, such as complaint handling, are easier to get involved in if they are within PPI. This is because they potentially do not require as much specific experience as other workstreams, such as structured investments.
However, although this is an excellent way to break into the world of contracting, we have seen cases where contractors have been rejected when attempting to get involved in investment complaint handling roles, for the simple reason that the client believes their previous PPI complaint handling experience is not complex enough.
Grovelands has observed that some clients specifically request applicants who do not have recent PPI experience, as they feel this experience may not be relevant. It’s interesting to see that staying within the workstream of PPI can help pave out a successful career within the field, however, if you wish to become a contractor in other areas, it could prove difficult.
Moreover, in the past year we have seen PPI requirements become more specialised and require much more specific previous PPI experience. This suggests that developing a career within this area could be very successful.
For further discussions surrounding PPI keep an eye on our website, or why not get involved in our LinkedIn debates? We would be keen to hear from you if this is something you have personally experienced or heard of.