Client Success Story
PPI Complaints Processing
The Background
As a result of increased media attention surrounding Payment Protection Insurance (PPI), our client, a top 6 bank, was experiencing higher than usual levels of complaints. Whilst initially the increase was dealt with by transferring resources internally it was not felt that this was a sustainable solution as volumes were continuing to increase. As a result, Huntswood was asked to supply experienced complaint handlers to supplement the client’s in-house team.
The Solution
Within five working days of the initial request being received Huntswood had identified 20 appropriately qualified candidates who were immediately available. As soon as the client gave the go ahead the Huntswood team of experienced complaint handlers, quality assurance checkers and team leaders were deployed to the client site.
The aim of the project team is to process PPI complaints consistently, fairly and in accordance with regulatory guidelines whilst following the client’s own internal processes, procedures and service levels;
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To improve and maintain customer relations between the client and its customers
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To mitigate any regulatory risk in relation to breaches in the complaint handling process
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To protect the brand reputation of the bank in the market place and with its existing customer base
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To validate eligibility, suitability and product disclosure
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The client delivered initial training to the Huntswood team and continued to supply technical support throughout the early stages of the project. Huntswood worked with the client to adapt the terms of the training and competency scheme to meet both regulatory requirements and the needs of the project.
The Result
This project is ongoing and the Huntswood team has quickly adapted to the bank’s processes and procedures and has established a best practice approach, as well as producing internal guidance notes.
Productivity consistently exceeds targets and feedback on quality and the sheer volume of cases processed is excellent. The aim of the project team now is to maintain high levels of productivity and quality, which will enable the bank to achieve a steady state with regard to its capacity planning. As the project progresses, Huntswood will supplement the client’s internal quality checking resources.
Management information provided by Huntswood to the client includes quality monitoring, productivity statistics and root cause analysis. Huntswood has continued to identify suitable additional resources should the client wish to extend the size of the project team.
Feedback on the speed of Huntswood’s response has been excellent as the ability to quickly mobilise a suitably qualified team was of the utmost importance to this client.
Huntswood’s View
Firms need to understand their sales processes to control their exposure to regulatory risk and business cost unpredictability, whilst also continually driving improvements – this is a key part of senior management responsibility. The compliance issues surrounding PPI fall squarely within the boundaries of the FSA’s Treating Customer’s Fairly (TCF) initiative.
Huntswood believes PPI and other ‘at risk’ protection products have the potential to be viable and attractive products for the long term. However, there is undoubtedly a need to address both the structure of the product and the existing selling practices. Forward thinking firms will be reviewing both these areas before any company specific intervention from the FSA.
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