How Will A Ppi Claim Impact My Relationship With My Bank

The scandal involving the biggest banks in Britain and their practises involving payment protection insurance will take many years to sort out. While the scandal is being investigated, there are countless numbers of people who are worried about what filing a PPI claim will do to their relationship with their bank; a relationship that has probably spanned decades and involved generations of families. The fear of what things will be like with their bank has made some people seek out a PPI claims company to help them get their money back. The truth is there really is no reason at all to worry. Just because a person files a claim does not mean that things between them and their bank will be changed or altered in any way.

A person that has been affected by the PPI scandal already has been treated very badly by their banking institution. The fact is, a banking institution is a guardian or protector of their customers money and a place that is the most trusted above everyone else. When something happens involving a bank, the faith and trust given to them by their customers can be severely shaken. As if the PPI scandal was not enough, people need to ask themselves why would a bank sever a long and mutually beneficial relationship with a customer for something that was not their fault? This is an en excellent question and it also makes a very good point.

Would a bank jeopardise a customer relationship because the customer filed a claim for money that they are entitled to? The truth is it would be highly unethical and illegal for a bank to treat a customer poorly after everything that has happened involving banks and the PPI scandal. Another reason why a bank would not treat a customer with prejudice is because there are many customers that may turn to a PPI claims company instead of going to their bank for the proper compensation. A bank acting any differently towards their customer would undoubtedly make the news, and just what would that do to their future and current customers? Who would keep their money in a bank that holds a grudge? Can a bank really afford to add yet another scandal to what has already happened involving the PPI issue? The answer is, quite simply, no.

Are there any laws that will protect customers from bank mistreatment over the PPI scandal? Yes, there is a law that was created by the Financial Services Authority and what it does is it protects the relationship between a bank and its customers. The name of this law is the Treating Customers Fairly Initiative. The Treating Customers Fairly Initiative is not the only law designed to protect customers. There is also a code of ethics that all banks follow called the Banking Code. Under both of these laws, it is both unethical and illegal for a bank to hold anything against a customer who files a claim for money that really does belong to them. These customers got more than they bargained for when they applied for a loan or got a department store credit card. It was the banks that did their customers wrong in the first place, and they need to make it right.