PPI should be paid out in full by all banks

PPI or Payment Protection Insurance that was massively mis sold by banks during a 20 year period should be fully refunded to all customers who were mis sold says the Financial Ombudsman. Payment Protection Insurance (PPI) has been a widely controversial product in every sense, firstly it netted the banks a reported £40 Billion in profit, millions of policies should not have been sold to particular customers and now many banks are rejecting millions of valid claims just to not pay out on policies.

This has been greeted by the Financial Ombudsman with some anger as they are struggling to reason why banks are playing the victim when it comes to paying out on PPI polcies that they mis sold to customers for years. Banks are now calling for a deadline to be placed on Payment Protection Insurance (PPI) claims, so that they can draw a line under it and move on. Even though this will leaved millions of customers who have valid PPI claims with nowhere to go.

Banks should be forced to pay every penny out on PPI policies and the buck should not just stop at that, if we are to see a true change in banking then those at the top have to be held accountable at all costs. You cannot run a bank and claim to not know particular actions are taking place, in any industry those at the top should know the day to day runnings of all products within their business infrastructure. Banking CEO’s should not be paid out their huge bonuses whilst fraudulent actions are going on that they sign off on, especially whilst PPI is being claimed to be a huge mistake and yet the next scam that is coming to light is Mis sold Interest only loans to those who were self employed.

Speaking to Consumer Financial Director he shares his thoughts on how banks are acting ” We have seen a huge increase in rejections from the banks regarding Payment protection insurance, even though thousands of cases we see weekly have valid reasons for mis selling, the banks are just rejecting them anyway. This increases the overall time that clients have to wait for a positive outcome, even though FOS upholds 8 out of 10 cases, the banks have to pay out anyway so there is no reason as to why they are rejecting them as much as they are”

The current PPI bill stands at £12 Billion with most predicting that it will reach £50 billion and then banks will be forced to focus on mis sold interest only loans a long list of scams the banks have been pulling for decades.