PPI: Banks still being arseholes

30 January 2015

Bank The UK's markets watchdog is to collect evidence on whether those customers who were mis-sold PPI are actually being compensated properly.

The PPI debacle has become one of the most shameful episodes in British banking of the last ten years. And there's quite a range of knobbery to select from.

A whopping £17.3 billion has now been paid out, after PPI was ruled to be an utterly despicable piece of mis-selling, often with no actual thought as to whether the customer could pay it back or not.

Payment Protection Insurance or PPI, was meant to protect borrowers in the event of sickness or unemployment, but were often sold to those who would have been ineligible to claim.

The Financial Conduct Authority (FCA) said it would use its findings, due to be published in the summer, to assess if the current approach to compensating customers is working properly. Because there just hasn't been enough money squandered on this.

The FCA said in a statement: "The FCA will then consider whether further interventions may be appropriate, which could include a consumer communication campaign; a possible time limit on complaints; or other rule changes or guidance, or whether the continuation of the PPI scheme in its current form best meets its objectives,"

"While this work continues, the FCA expects firms to continue to deal with PPI complaints in accordance with our requirements,"

Banks such as Lloyds, Barclays, HSBC and Royal Bank of Scotland have already set aside £24 billion to compensate consumers, with many of them wiping off the entire debt of customers

Since 2011, the banks have dealt with over 14 million complaints about PPI, and have got to around 70% of customers paid back.

There's still around 4,000 complaints coming through the banks each week about PPI, so even if you have the slightest doubt, get in touch with them.

Honestly, you can't trust anyone these days.

TOPICS:   Insurance   Debt

1 comment

  • Santander F.
    [...] follows the news that the FCA are still looking into this giant mess, and that it looks like there’s going to be a time-limit added to [...]

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