The rise and fall of PPI

With the number of mis-sold PPI claims at an all time low, there is no clearer sign that this once ubiquitous product is nearing the end of its shelf life. But what does this mean for those dealing with these claims?

Tumbling coloured blocks to represent the rise and fall of PPIAt Grovelands we pride ourselves on staying ahead of the curve and providing our associates with a wide variety of roles across a range of prestigious clients within the financial services industry. Yet over the past 4 years we have seen one product reign supreme in the market, regardless of the client or the role: namely Payment Protection Insurance (PPI).

Payment Protection Insurance is a short term income protection product that covers customer’s repayments should they lose their job or become significantly unwell. This product was heavily mis-sold, often alongside a credit agreement and the results of this mis-sold product are still apparent today. To date, £13.6 billion has been paid back to customers.

What this has meant for Grovelands and our associates is that our knowledge of PPI and the on-going impact it has on our clients is vast. It is this understanding that allows us to match the needs of our clients as they cope with the demands of the regulators and the relentless volume of mis-sold PPI claims they deal with.

Yet the past six months have shown that even a product as ubiquitous as PPI has a shelf life. It’s a fact that PPI is dying out. Every year, the Financial Ombudsman Service produces a statistical report on the number of complaints it receives and upholds for every product. For the first time in years it is below half at 48%.

So what does this mean for Grovelands, the market, and our clients in the future? As the PPI scandal gradually fades from the market, financial providers will undoubtedly welcome the conclusion of a product that often attracted unwanted attention from the media and regulators alike.

Grovelands are seeing an increase in roles across investments, insurance and a significant move away from roles in PPI. As a result we encourage our associates to diversify their knowledge of the financial services industry by branching out into new business areas. Another great asset for candidates looking to forge a new career in FS, or even strengthen an existing one, is to gain professional qualifications. The types of financial qualifications offered are extensive and can greatly improve your attraction to clients in an increasingly competitive market.

Watch this space.

– James Dees

Are you looking for a new role within financial services? Get in touch with the team via email, or call us on 01273 651 500 to discuss your requirements.

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