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Archive for tag: The Major Players in the PPI Saga

The Major Players in the PPI Saga

You couldn't make it up. It is the stuff of heavy drama and plots within plots, that any writer would struggle to imagine.

But who are the major players in the payment protection insurance (PPI) mis-selling scandal?

The Banks and Lenders

The PPI mis-selling scandal affected the majority of UK banks, building societies and lenders so do not be lulled into a false sense of security, thinking it only affected the big names. They all soon realised that they could make big profits from selling this insurance policy at inflated prices, add a sprinkling of interest and their coffers swelled like they had never known before. Life was good and they were riding high until…

The Customer

… a customer decided they was not going to pay for a product that they did not want or need. The row that erupted bore consequences like no other. It transpired that the vast majority of banks had been indulging in this unfair, mis-selling practice for years. The scale of the problem was huge but, no one realised how big until the customer started the PPI fight back.

The Financial Ombudsman Service (FOS)

On the side of the consumer, resolving issues between the banking sector and the consumer is FOS. Before the PPI mis-selling issue, few people knew they existed but now, everyone knows who they are. Taken on hundreds of extra staff, they are finding in favour of the consumer in 7 out of 10 cases of PPI complaints.

The Financial Conduct Authority (FCA)

The FCA is the regulatory body for the banking industry in the UK; until the tail end of 2013, they were known as the Financial Services Authority. But with a revamp and beefing up of their powers - they are now seen to have teeth, so to speak - they had a name change but are now placed at the forefront of all issues within the banking sector.

Payment Protection Scotland

Like a knight in shining armour, we have helped hundreds of customers claim back PPI compensation, from a few hundred pounds to thousands. We have stood firm in the face of PPI adversity, working hard on behalf of all our customers. We have worked with customers to take their case to the FOS when the banks have said no.

We still offer this great service today to anyone who has PPI on their accounts and need help and guidance to make their claim. Check you accounts - have you found PPI? Contact us to find out more NOW!