Reclaim Mis Sold PPI Against NatWest
There was a time when NatWest were regarded as one of the most trusted financial institutions in the UK, but in recent times the PPI scandal has changed our perception of the banking industry in general and, in some cases, of NatWest in particular. By the time the PPI deadline comes into effect, this company’s behaviour in the past will have led to them paying out a fortune in compensation claims.
NatWest came into being via a 1960s merger between the National Provincial Bank and the Westminster Bank. In the early part of this century, it was taken over by the Royal Bank of Scotland, a move that was the biggest takeover that the British financial markets had ever seen. These days, there are more than 900 NatWest branches in the UK.
The banking sector struggled to maintain profit levels when the interest rate started to tumble in the late 1980s, and this led to banks, building societies and other credit providers seeking another revenue stream. They found it in Payment Protection Insurance, an add-on that could be applied to bank accounts, store cards, mortgages, loans, credit cards and even catalogue accounts.
The benefits of PPI to the financial sector were many. It was easy to sell because it could be added to just about anything, it played on the insecurities of the general public, it required very little in the way of staff training schemes, it could be sold over the phone, in branches and by letter and, most crucial of all, it brought in large commissions and therefore huge profits.
As for the benefits to the consumer, they were few and far between. In many instances, PPI was aggressively sold to people who would have received little or no cover in the first place. Many customers were paying monthly premiums for something they didn’t want, didn’t need and couldn’t utilise anyway. Unbelievably, some people were sold PPI without even being told about it.
Looking back now, it seems hard to believe that the British public were seemingly so willing to pay for a product that was such a white elephant. The reason for this in so many cases is the fact that we as a society were far more trusting of our financial sector at the time. The local banks in the nearest high street were seen as benevolent institutions that surely wouldn’t lead us along the wrong path.
How wrong we were.
Just like all the other major players, NatWest pushed PPI via enthusiastic, sometimes overly pushy, sales teams. These teams were heavily rewarded for making sales, and were also motivated by the fear of not reaching ever increasing targets. It became more and more apparent that the banking industry had become more about making sales and less about offering a trusted and reliable service.
Heavily involved right from the start
When the PPI scandal came to light, NatWest’s name came up regularly in complaints to the financial authorities. Here at Beat the Banks, we have handled a significant number of compensation claims against both NatWest and its RBS parent company, and over the years we have won sizable compensation figures on behalf of our clients.
There are many other claims management companies around these days, of course, but we are noticeably different from the rest. Crucially, we don’t ask the banks, building societies and credit providers for the most basic information. We seek the full lending history of each of our clients, and this enables us to see the bigger picture right from the start.
Our investigations often involve researching piles of paperwork several inches in height, and this is something that most of our competitors simply refuse to do. When you engage our services, we won’t go for the quick win that only leads to a portion of the justice you deserve. With deadline day looming, you will only get one chance to stake a claim now, so make sure it’s a robust one.
We know that some people aren’t always keen about seeking compensation, in part because they think it’s somehow ‘wrong’. We understand this standpoint, of course, but we feel it’s more important to realise who did the wrongdoing in the first place. Our once-trusted high street banks betrayed our trust in them by their decision to aggressively sell a product that was wholly inappropriate.
They didn’t think in terms of providing a service to the public, because their main focus was on increasing profits at the expense of everything else. This was the real wrong in all of this, and it’s time to right that wrong now. Our team of specialists has many years of banking industry experience, so we know all about the PPI scandal and how it affected the UK’s consumers.
Please get in touch today to see what Beat the Banks can do for you. We’re available right now on 0800 193 1234, and we look forward to hearing from you.