Payment Protection Insurance (PPI) provider Paymentshield is making redundant more than 60 of its staff because of “duplication in job roles” following their recent takeover by Towergate. This figure represents 20% of their entire workforce. The number of employees at Paymentshield is dropping from 300 to under 240.
The majority of the staff are based at the firm’s Southport office. After multiple accouts of mis-selling and hundreds of thousands of PPI claims against insurers Paymentshield may be the first of many providers hit by the lack of trust in Payment Protection Insurance.
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