Due to an industry wide focus on the potential mis-selling of Payment Protection Insurance (PPI), our client, a large UK retail bank, was experiencing increasing levels of customer contact and complaints in relation to their own PPI products. With only a small in-house capability to handle these types of complaints, a large backlog of cases began to build up as they struggled to deal with the increasing volumes. As a result of a judicial review, there was a requirement for their existing complaints team to increase 15-fold in order to meet the regulatory deadlines.
The solution - PPI complaints management and remediation services
As a leading supplier of PPI complaints management and remediation services we were able to provide our client with a managed service solution, taking full responsibility for delivery of the required services to meet FCA deadlines whilst allowing our client to remain focused on their core business activity. Before operations commenced, our consulting team undertook a Root Cause Analysis (RCA) exercise to help our client construct their approach to PPI complaint handling. We then utilised our end to end complaint handling capabilities to effectively manage all parts of the process, including:
- complaint logging
- managing workflow
- applying judgement to form decisions
- calculating redress
- issuing final decision letters
- paying settlements
- handling Financial Ombudsman Service (FOS) referrals
- managing post offer queries.
To date, we have processed and resolved over 30,000 PPI complaints of which 23,000 required redress being paid to the customer. To demonstrate our commitment to partner our client throughout this engagement, we adopted an output-based pricing model, to offer a greater degree of transparency and cost certainty for our client whilst transferring all operational the risks to ourselves.
We continue to manage all business as usual PPI complaints for our client across two of their own sites. Our client relies on our knowledge and experience of remediation projects, in particular PPI related projects, therefore we continue to suggest process and procedure improvements to create a streamlined and effective operating model.
We are now also working in partnership with our client in respect of a customer contact programme for a proactive past business review relating to PPI complaints, having previously defined the scope of this past business review during our initial RCA.