Cheating the customers
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If your bank decides to start cheating you, then you have serious problems. Because of mis sold PPI people have lost faith in banks.
Worse, some people were unable to put for PPI claims when they found they were ineligible under the terms of the policy. They were told it was mandatory when taking a credit card, loan or mortgage.
The Financial Services Authority (FSA) finally stirred and proceeded to fine banks, including several big names, heavily.
Now they are looking to claims agencies and solicitors to help them out and if everything goes according to plan, they will have to wait for 12 weeks before they get a refund. That is just insult to injury as they had missed out on payments on mortgages, credit cards or loans and are now trying desperately to find ways to pay the money back.
Banks have brazenly challenged the authority of the FSA to fine them. This is just their way of fighting back knowing full well they are guilty as charged. There seems to be little embarrassment at the way customers were swindled and it is yet to be seen if there is a blanket apology issued to those who were swindled.
That is the very least they can do at least taking into consideration some customers had been faithful to their branches for long years. It is unfortunate that so many vulnerable had been cheated but that simply reflects badly on banks. Customers no longer are number one but the profit margins are.
