The payment protection insurance scandal was unearthed several years ago but only following a protracted court case was it found that banks acted unlawfully in the selling of payment protection policies. The end result is a bill currently getting close to £20bn for the major lenders and a slew of disgruntled and disappointed borrowers who are understandably annoyed at having been sold a policy that was not right for them or that was mis-sold to them in some other way. Continue reading
Barclays holds the dubious honour of being the most complained about bank during the second half of 2012, thanks largely to the PPI scandal that continues to rock the financial and consumer worlds. The Financial Conduct Authority, which took over from the Financial Services Authority at the beginning of this month, said that the group received more than 400,000 complaints in the whole of last year and this made them the most complained about financial company. The majority of these and other complaints were regarding the mis-selling of payment insurance. Continue reading
Employment group Manpower has said that more than 20,000 new jobs have been created simply to deal with PPI complaints. What’s more, this figure only takes into account the jobs that have been created at banks and lenders, and there are likely to be considerably more than this working within claims companies. While the new jobs are likely to be short term, unless there is another major financial scandal, they helped boost the final outlook of the quarterly review that is put together by Manpower.