London, 9th January 2012 - A new report from the Financial Ombudsman Service (FOS) suggests that banks are still struggling to manage PPI mis-selling cases. At the weekend FOS said that it is receiving around 3,000 fresh cases per week from customers who have not received a response or are unhappy with the decision.
Leading consumer credit and analytics expert, Equifax, believes that a lack of insight into customer data across multiple products may be contributing to the delays. Equifax Single Customer Insight for regulatory compliance provides a solution to this problem that is quick to implement and that will help streamline the PPI claims process enhancing the experience for consumers.
“Establishing total exposure to PPI claims continues to be a major challenge for firms, especially where they have offered multiple products with PPI policies over the last 6 years,” explains Karl-Magnus Wadsack, Strategic Consultant, Equifax.
“Equifax Single Customer Insight for regulatory compliance can play a crucial role in helping our clients through the whole process, from quantifying their total exposure, to verifying claimants and handling claims accurately and efficiently. Harnessing the power of the Equifax databases and our matching expertise we are helping to reduce the administration costs and reputational risk of PPI claims. We are also helping banks ensure fraudulent claims do not get through.”
By using Equifax’s comprehensive consumer datasets to match PPI and credit account databases, firms can accurately calculate their claims exposure, even across different brands and products. The Equifax matching process is also able to qualify the eligibility of a PPI claim, for example, where there is a discrepancy between policy and loan terms or where a policy was put in place outside of specific age limits.
The Equifax solution offers financial service firms several distinct benefits:
“With FOS reiterating that every claim it examines costs the company to which it relates £500, it is crucial that firms deal with this issue as quickly and accurately as possible”, continued Karl-Magnus Wadsack. “Equifax Single Customer Insight for compliance combines our best-in-class data and leading-edge analytics expertise to help our clients identify and resolve PPI redress quickly and effectively, with a high level of accuracy.”
“By working in partnership with the banks we are not only helping them to manage their business costs and reputation; we are also helping to improve the claims experience for consumers.”
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