As with all bank accounts today, it would be wise for claims management companies and related industries to develop a PPI claims inquiry application or tool.
The tool would allow the cross-referencing of known PPI information from different banks.
However, CMCs do not have the necessary arrangements with almost all banks to allow the development of this particular software. But if built, it could be the solution to the issue of consumer groups calling for postponing with PPI.
The database can host all PPI policies in the United Kingdom wherein a user could search his or her name in the database to verify if they have a mis-sold PPI policy.
However, all security issues must be resolved. Having consumers enter their bank account numbers or records in unsecure servers can mean trouble as scammers and hackers could intercept this information and use it to their advantage.
A government-sanctioned body could develop the system and give it the necessary permissions and safeguards to ensure the security of the system.
It may also help the elderly and sick get back their PPI refunds quicker than having someone do it for them and filing all their paperwork in place. It is also a better alternative to the FCA’s planned advertising campaign.