PPI Zombies have enjoyed a feeding frenzy

Frank Eve is managing director of Frank Eve Consulting


I have written previously in my blogs about Zombies that plague the economy. They are companies or individuals that take out resources or funding whilst returning nothing back to create wealth or build our industry.

I now believe the time has come to name a few of these zombies and kill them off.

The Zombies identified in this blog are the PPI claims companies.

These companies have enjoyed a feeding frenzy on the huge compensation provisions that banks have had to put aside for consumers who were miss-sold PPI protection and they have irritated us all with their automated cold calling campaigns.

They continue to suck resources from the industry and the consumers they are supposed to represent, increasing the compensation culture that could ultimately create zombies of us all.

These opportunistic and non-productive companies are starting to have a real impact on our banks, at a time when we need the banks to focus on strengthening their balance sheets and providing funding to the hard pressed mortgage market.

It is time we drew a line under PPI claims, the banks were wrong to sell the products they did but they have paid the price.

If consumers have genuinely been miss-sold they should have already claimed by now and there is no need to continue to feed this zombie industry.

I agree with John Cridland the director general of the CBI when he called for a deadline date for new PPI claims and to draw a line under this PPI fiasco as soon as possible.

A deadline date will kill this zombie off for good.

If you agree with us then let me know we could start a campaign!