Is it all about the profit for Banks?

Firstly allow us consider the history of the claims business to find some background of the entire circumstances thus we can make the best conclusion...

The Local Branch
Traditionally customers would Bank with the same company almost all of their adult life and would go into their nearby branch to see the Bank Manager. They could have actually recognised him personally after dealing with him for a lot of years or he would have known your parents and he/she possibly came from the same district and socialised within the neighborhood.

Today this might be no longer the case and we seldom today go to see our town “Bank Manger” because the Banks have merged into significant business entities that own significant property and commodities. This could not sound bad within the outset yet if you look into the Financial organizations a little deeper you are going to realise they have significant income to make year in year out to maintain their shareholders investments. Great you may think, that could not sound too bad? But allow us to ask ourselves, what exactly is the cost to the customers and what dangers do they take to make those income? 

More Profit driven Sales
Out of this requirement for better income came the drive of trying to market more and more of their financial goods. We have all been into the Bank and the cashier asks “can I interest you in our special loan rate” or “we have impressive deals on insurance at this time. This in itself is not totally bad although a little annoying if you find yourself in a rush and the queue is acquiring bigger and bigger because the cashier is trying to force goods on everyone. They are carrying this out because they need to meet targets in each branch to again meet the shareholders and income.
Not only does this happen “In branch” they also decided to market these items through telesales. Quite frankly this is very annoying but the Banks sales individuals do not have regards whatsoever for the Banks customers demands and they are just focused on their targets not to mention commissions. They no longer sit down and work out the customers demands which they can afford, but alternatively sold them goods which were normally sky high in price compared to different similar available goods or even the goods themselves could be useless and would never have the ability to claim on it should the requirement happen.

Mis-sold financial Products
There are numerous unfair goods the Financial organisations have systematically forced on their unsuspecting customers with whom they relied upon with their funds and to look out for “Their best Interests”. Here is simply a few reasons: Payment Protection Insurance (PPI), Unfair Loan Contracts, S.W.A.P.S, Mis-sold Mortgages, Mis-sold Leases, Investments etc. The checklist goes on…….

There are lots of factors why the goods were mis-sold but the principal factors would be…

• They simply added this product onto a loan or different product without actually advising the customer.
• They sold a product without explaining the various exclusions making it virtually impossible to make a claim should a customer like to.
• The customers would never afford this product been sold to them and the Banks didn't perform a thorough review of their circumstances.

Time to complain
After realising that the product sold by the Banks was no good for our circumstances and believe it would likely have been Mis-sold we can try to approach the banks ourselves to settle the matter and make a complaint. The Banks try to have us believe that this really is an simple choice.
No longer do we get the friendly “face to face” approach we were familiar with from the Bank Manager, but alternatively we are managed to call centres where we get put on hold for countless moments & hours. They will farm out their inbound calls to some far away place we have possibly never heard about and the operators can occasionally just have a fundamental grasp of English and can never answer any difficult concerns you might want to ask and simply try to “fob us off”. We simply end up going round and round in circles and never acquiring anyplace except completely frustrated! The complete Banking system has arranged this method so the ordinary folk will never win and simply line the Financial Institutions pockets.

Claims Management CompaniesThis consequently has led to businesses taking on issues on customers behalf who happen to be experienced within the financial sector and they are accustomed handling challenging paperwork and will fight to get compensation awards for their customers. They will usually focus on a no-win-no-fee basis and all of the emphasis is right down on them to make a successful claim for you ! 

Needless to say you are able to choose to do it yourself and some people make successful claims but need to endure the stress and frustration we have come to expect when dealing with Financial Institutions.

Most things in life we can do ourselves including Gardening, Painting, Fencing, or actually Conveyancing but for many factors we select to employ the services of experts because of other commitments and lack of knowledge. Why must claims be any different despite just what Banks tell us. 
Given the Banks history would you trust their stance?.....