Why Is It Proper To End The PPI Refunds Scandal Once And For All?

October 29, 2015
by admin in PPI News

Why Is It Proper To End The PPI Refunds Scandal Once And For All?

Lloyds pushing for a faster PPI refunds deadline isn’t uncalled for, to be honest. Lloyds has a point as a PPI claims deadline not only helps its current banking situation, but also the economic and moral recovery of the United Kingdom.

The UK had seen the pensions and endowment policies scandal, yet mis-sold PPI is the most-expensive scandal of the lot. Notably because rogue claims management companies have taken advantage of the situation.

Lloyds PPI ‘Quantitative Easing’, Even Now

Recently, Lloyds had paid £500m in addition to its current payment protection insurance compensation package. Lloyds is the biggest mis-seller of PPI with a total of £13.9 billion it has earmarked to return to consumers.

Many economic analysts described Lloyds mis-selling activities as a real but illegal way to introduce a consumer incentive to spend. Many like to call it quantitative easing without government interference.

Everyone Had Enough Chances To File Their Mis-Sold PPI Complaint

According to the City watchdog, every consumer had enough chances to file their direct redress in the last five years. It is impossible to say that not one soul in the UK knows about payment protection insurance.

The FCA intends to impose a deadline with a consumer awareness campaign to quickly spread the word about the PPI deadline.