Compensation culture

Murphman · March 8, 2012

After the endowment scandal and the pensions crisis we have a new black cloud hovering over the Finacial Services Industry, the miss selling of PPI (Personal Protection Insurance). A plethora of compensation seeking firms have sprung up who's sole goal in life is to fight the good fight for the man in the street and take the insurers and dodgy salespeople to the cleaners for their unscrupulous tactics.

There is always the chance I suppose that they may be just a teeny bit manipulative and not quite conduct their enquiries in an honest and frank manner but I'm sure that's just me being ever so slightly cynical.

There's always the chance I suppose that the customer may be slightly economical with the truth when relaying exactly how the policy was sold when he knows there may be a few grand in it for him but by and large I'm sure such instances are rare.

I've just had my first complaint. Ever.

A client has approached a compensation firm and they've complained to our compliance officer about the PPI cover I sold him, that he didn't want it, didn't need it and they have documented the flaws in my sales procedure, accused me of non compliance with FSA guidelines, basically told them I've stitched up a poor defenseless punter who deserves and needs lots of money to help him get over the shock.

They are spot on, I didn't follow correct procedures, he didn't need PPI, I didn't explain how it all works, didn't document the sale and am guilty as charged of all these complaints.

Or at least I would be if it wasn't for the fact I've never sold PPI in my life and the client has mortgage term assurance policy with integrated critical illness cover.

Can I sue them for compensation, they've dragged my name through the mud?

Nate. · March 8, 2012

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