Payment protection insurance mis selling is the fault of banks according to Moneysavingexpert.com Founder Martin Lewis. Banks began the mis selling during the early 90s to the 21st century. Almost every UK consumer could have bought an insurance policy they couldn’t use. This justifies the staggering £27 billion earmarked and £18 billion returned to UK consumers for payment protection insurance policy.
This renders ineffective the BBA’s lobbying for the Financial Conduct Authority to consider a deadline because banks “have had enough”. While the CBI had pushed for the same cause in 2012, bank employee conduct has not improved. Cases of mis sold payment protection insurance continue to sprout in different banks. Lloyds and other big four banks have announced additional provisions of payment protection insurance in millions.
According to Citizens Advice CEO Gillian Guy, banks are at fault. Their ‘drag-your-feet’ attitude in contacting consumers who were mis sold PPI left the task to claims management companies, who pushed up the names of individuals who are unverified buyers of PPI to make a claim. Some CMCs took it to the next level with cold calls and text messages to allow them a claim from a certain consumer who did not buy PPI in the first place.
The plague is against banks, who had created the plague in the first place. According to most financial bloggers, the banks deserve what’s coming to them.