Claims Management Solutions for Mis-Sold Packaged Bank Accounts
Packaged Bank Accounts have been mis-sold to many UK customers. Claims companies require the best software solutions to handle these cases.
Although PPI claims are currently dominating the headlines, they are not the only mis-sold financial product. Packaged Bank Accounts (PBA) are sold in most banks. For a monthly fee, usually no more than £25, an account holder will receive certain benefits. This can include travel, phone or car insurance. In some cases, the insurance can benefit the customer and work as an excellent money-saving option.
However, over the past decade, there have been cases of these types of accounts being mis-sold to customers, much like PPI. This has opened up the market for companies to handle PBA claims for consumers. Companies require claims management solutions to manage these types of claims. Using bespoke software for these particular claims allows businesses to efficiently make a powerful case for consumers. This allows the consumer to relax, while the company deals with the communication with the bank.
How Were Packaged Bank Accounts Mis-Sold?
Recent news about mis-sold PPI revealed that, in the worst-case scenario, one woman had her signature forged by an RBS bank employee. Although RBS claims this was an isolated incident, it goes to show the extreme measures that staff made to ensure a PPI sale.
No such cases have come to light about PBA. However, some of the mis-selling tactics used for PPI are the same as those for PBA. Many bank employees were told to sell PBA with aggressive techniques, often linking staff bonuses to the sales of these products. This meant employees pressured customers into buying the product, or sold it even though it left the customer worse off. In some cases, customers were told that it would help to improve their credit score, but in reality, this was not the case.
The mis-selling of PBA is widespread in the UK. In 2015, the Financial Ombudsman was receiving 1000 complaints a week about Packaged Bank Accounts. Those who are successful with PBA claims receive hundreds or even thousands of pounds back from the bank.
How Claims Management Solutions Can Help Packaged Bank Account Claims
Finding a claims management solution to manage these types of claims is vital to keep on top of the demand. While PPI claims have an impending deadline, PBA claims do not.
When organising a PBA claim for a customer, companies need to create a comprehensive portfolio of information in order to make a successful claim. This means having all the relevant and critical documents, with evidence of a PBA and knowing how it was mis-sold.
A claims management solution will be able to keep all of this information in one place, with easy access for employees. The ability to record incoming communication from the bank makes managing claims significantly easier. Automated follow-ups to clients reduces the need for clients to contact the company and chase up their claims.
Companies dealing with PBA claims are able to manage more claims, more effectively, with the right claims processing software.
LogiClaim is the ideal claims management solution for companies handling Packaged Bank Account claims. The software can be customised for your business to enable you to manage as many PBA cases as possible.