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In a climate where trust is currently at a premium, it’s no wonder a recommendation from someone you know can prove so powerful. Find out how The Fair Trade Practice are harnessing this to help bring financial justice to thousands.

How harnessing the power of recommendations is helping thousands achieve financial justice

In a climate where trust is currently at a premium, it’s no wonder a recommendation from someone you know can prove so powerful.

Sources of information such as government and the media have never been under more scrutiny, as politicians and journalists are amongst the least trusted professions in the UK.

People are therefore turning to those closest to them for trustworthy opinions and advice, especially when it comes to how they spend their money.

As many as 92% of people say a word of mouth recommendation is the ‘leading reason they buy a product or service’.

Indeed UK consumers read an average of 6 reviews before spending money according to research, and are most likely to ask their partner or best friend for their opinions.

A business that comes highly recommended is therefore an attractive proposition for consumers. Last year a survey from Forbes showed 70% of purchases are influenced by the quality of customer service provided, suggesting a recommended company is also one that cares about what it does and looks after its customers.

That is certainly the case for The Fair Trade Practice, the ethical choice in claims management for over a decade.

By utilising a business model that is based on customer recommendations, we have not needed to advertise our services on TV, radio or in print. As a result we have stood out from the crowd in a market where advertising is otherwise incessant and invasive.

We are a professional, diligent and ethical firm who engage our customers in a friendly, human way and are proud to be a leader in our industry.

Our UK-based support team are on hand to help answer any questions our customers may have, whether their query is about a mis-sold Payment Protection Insurance (PPI) claim we submitted on their behalf or regarding a new claim for a mis-sold Packaged Bank Account (PBA).

PPI may have been the most costly scandal in UK financial services history, but major banks have set aside provisions of more than £1bn to compensate those mis-sold PBAs.

More than 10 million of these accounts have been opened in the UK, and commentators say there is ‘growing evidence’ they were ‘systemically mis-sold’.

More than just issues with poor value, mis-sold PBA complaints come from customers who could not use the benefits, were not told about the need to register for insurances or even more basically didn’t know they were paying an ongoing fee.

So just like with mis-sold PPI, thousands are now checking to see if their Packaged Bank Account was mis-sold and using The Fair Trade Practice to help.

With 94%* of our new customers referred to us, we are harnessing the power of recommendations from friends and family to help more and more people get financial peace of mind.

Our professional service continues to impress as the word spreads about mis-sold PBAs, how many could potentially have been mis-sold and the quality of our process.

As David from Bristol said in his feedback: “It wasn’t until I spoke to The Fair Trade Practice that I fully understood how much I had been paying for my Packaged Bank Account. The help they provided me recovering what I had paid was invaluable… I particularly liked their gentle approach (unlike most other Claims Management Companies, customer acquisition is purely by referral).”

To find out more about mis-sold PBAs, how The Fair Trade Practice are helping thousands more like David and make an enquiry of your own just visit www.thefairtradepractice.co.uk/packaged-bank-accounts.

*As at Dec ‘18

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