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PPI – Banks issued a stark warning on future dealings

Filed under: Services — Tags: , , , , , — consumerfinanceclaims @ 08:04

The Financial services authority (FSA) together with the office of fair trading (OFT)  have issued a stark warning to both the banks and other financial providers not to create or market harmful new versions of the now disgraced ‘payment protection insurance’ New money spinning innovations and products will be carefully monitored as banks seek to claw back the money they’ve been forced to pay back to the millions they duped.

Both authorities have made it quite clear they will not tolerate any hint of the same tactics used in the PPI mis selling scandal: tactics and behaviour that has sullied the banking industry’s reputation, and which left millions of people out of pocket. The banks have enjoyed  fat commissions and bonuses  on the back of this lucrative, but scandalous affair, for far too long.  However, the recent rulings against them has cost billions of pounds in refund payments.

Payment protection insurance and any new insurance products which may come onto the market will in future be closely monitored for compliance with the new regulations, and to ensure they are fairly priced. Bankers and lenders will also have to ensure staff involved in front line selling of insurance type products is adequately trained: in other words – they understand the product they are selling, how it works – recognise who is eligible, and who may benefit from it.

Any inappropriate dealings – or where mis selling of policies and products are suspected – swift action will follow; there will be no long, drawn out wrangling in future. The banks say lessons have been learnt, lets hope so…because the various regulatory and watch dog services certainly have.

The head of the FSA, Lord Turner, was recently quoted as saying that it was vital the authority had the power to ban certain financial products and policies before they came onto the market. Products on the current watch list include; Debt wavers, and short term protection policies.“In financial services, the potential  for the customer to be ripped off is simply far greater than in other sectors of the economy- and the consequences potentially more significant” he said.

PPI was meant to provide much needed income in the event of unemployment through sickness, redundancy, or injury, but many people were sold this insurance that could never have benefited from it, if the worst had come to the worst. Many customers were told it was compulsory! No insurance…no loan, but this was untrue! PPI policies were a minefield of traps and ambushes: and the staff that sold these products weren’t there to help, they were there with one objective…to lead you into the trap, to get your signature, and earn themselves a nice fat commission payment. And that’s just downright dishonest!

PPI refunds are now being paid; the backlog of claims is being gradually reduced, but time is ticking away. If you think you may have been mis sold PPI in the past, then contact one of our team of specialist advisers. Here at Consumer Finance Claims we look to recover the full cost of the mis sold policy plus interest.






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