Unwelcome attention
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PPI continues to be at the center of a national storm as PPI mis selling resulted in a large number of customers being taken for a ride.
While the entire concept of PPI sounded good on paper, in the end it turned out to be filled with loopholes with which junior bankers mis-sold PPI in order to earn commissions on the sales, to impress their seniors in the hope of being promoted and of course, a salary increase.
It was the greed on the part of bankers to shore up their profits which resulted in the whole mess and made for a large number of very angry customers. Any time a person approached a bank for a loan, credit card or mortgage, they were told they would have to get PPI first as it was mandatory in order to avail any of these.
This was far from the case and people were simply railroaded into buying a policy which it turned out they had no need for. Among the groups most affected were retirees, the self-employed and the jobless. This is all in spite of the bankers knowing full well they were not entitled to PPI claim according to its terms and conditions. In their rush to make sales, important aspects of selling a policy like checks on health and employment histories were given a miss.
Now PPI has become a huge scandal with some of the biggest names in banking also involved. True, they have been fined heavily by the Financial Services Authority (FSA), but most people believe the fines doled out nowhere near fit the crime.
