Payment protection insurance was a great product. Until bank employees abused their position by taking advantage of unsuspecting consumers to sell the policy in unscrupulous ways. The scandal from the early 90s through to the 2000s has had banks pay more than £27 billion in refunds. That makes it the single, most expensive financial scandal of all time in the UK.
Some have suggested that should anybody cause a PPI-level scandal, the banker in-charge and underlings should be charged with imprisonment.
This comes after dissatisfaction from the public that not a single banker has gone to jail after their mishaps caused the UK a great deal of hassle.
Ending An Era Of ‘Bad Apples’
UK Chancellor George Osborne said in England’s Open Forum that bad bankers should be treated like common criminals. He said that after PPI, numerous other scandals, including rate-rigging Libor and the Foreign Exchange, public anger spanning more than eight years is completely understandable.
Rogue CMCs who had scammed customers should also be punished for their faults. Consumers ripped off up front by rogues have a right to claim justice and even compensation. If bankers can go to jail, then so could rogues and scammers.
If you still haven’t claimed back your money from mis-sold PPI, it’s always sensible to have an idea of what you might be owed. Follow this guide to find out how much you might be owed.