PPI is maybe a big con which has been played on many hapless victims. Sadly the victims have been customers who are financially vulnerable such as the people who have retired, have their own business and are unemployed.
Due to mis sold PPI, folks found that they were not at all entitled for a policy but had one foisted upon them by overenthusiastic financial types keen to show off to their seniors. Customers had been warned that if they wanted a loan, mortgage or plastic it was vitally essential they have PPI otherwise they could not have access to the funds.
This was a big lie which hoodwinked hundreds of customers. the customers bought the PPI and later found the payments were being added to their monthly payments, which made for a large amount of funds being taken out of their bank accounts.
When the time was right to stake a PPI claim, the clients found out how unfortunately they were victims of PPI mis selling and how badly they had been cheated. Many discovered they no more had any cash and when they went to ask for their money the customers discovered they were not allowed to get any payment because they were unable to fulfill PPI requirements.
The Financial Services Authority (FSA) finally rose out of its deep slumber and commenced to penalizing the financial institutions for the charge of misleading clients into acquiring PPI. Moreover the banks had not even bothered to enforce checks of work and health histories which epitomized how little they cared.
Although the banks have been punished greatly the sums in question are petty compared to the cash lots of people have lost due to corporate greed. There is a a popular sentiment that possibly those directly involved should do some prison time for their mischief which will make sure they have learned and it will not happen again and people are protected in future.
It seems that political parties are not wanting to take up the situation of mis sold PPI claims for reasons best not discussed. A lot of it may be due to the fact financial institutions have a role to play in election funding so no party wants to anger the wrong people.
What is sad is folks with no fixed income to speak of were duped so sadly by a cabal of financial instituion officers who had their own greed in mind. The bankers were bucking for moves up the career ladder and pay rises they made large-scale PPI sales to clients.
Meanwhile, the victims who were duped into acquiring a policy found the payments were being added on to the monthly installments which led to their savings accounts being cleaned out. Obviously the affected section of clients could not afford this and many worried about financial ruin.
Astonishingly the banks have also gone on the warpath against the FSA raising questions about its right to place fines on the banks for their transgressions. This point of view actually does not make sense as the FSA is the guardian of the financial industry and is responsible for looking after matters.
The sudden attack on the FSA obviously indicates financial institutions are on the defensive and intent on trying to sweep the PPI episode under the carpet. But, it is unlikely that the policyholders will forget the great hoax that was played on them.