Payment protection insurance is the UK’s biggest mis selling scandal. But the trip towards a better, refund-oriented bank industry was not met without a challenge. It was through the tough sanctions placed by the Financial Conduct Authority and the persistence of the FOS to prove that banks were not processing complaints effectively that made things better for almost anyone.
Fines have ranged from £1 million and now to £117 million on account of mishandling PPI complaints. Looking now, the FCA is tighter on its regulations. But the trouble is, how can anyone prevent a financial scandal similar to PPI claims in the future?
In September of 2013, the FCA had investigated 18 financial institutions and fining some of them for their misconduct. Eighteen is a large number. Today, we find that only Lloyds is the troublemaker.
Do you still remember this era when almost millions of people were claiming mis sold PPI and there was a great chance your complaints could fail?