Who is to blame for the PPI scandal? This still is not clearly answered.
Many are debating as to what extent the insurance industry can be held responsible. They have definitely made a profit from all of this as well as the banks who didn’t interject this earlier on.
Eric Leenders of the BBA defended the banking sector by saying that banks complied with regulations.
He said that if the insurance industry questioned the sale practices used, they should have spoken up. There were such increased sales levels during the time of the scandal that the insurance industry should have questioned it then. So it does appear that the insurance industry is somewhat accountable for the scandal involving PPI mis-selling, but the banks are the ones who actually did the act.
Banks are beginning to feel a strain from the large number of customer complaints concerning the PPI scandal. Public anger is being channelled mainly at the banks. This is what has led to prominent banking figures questioning the insurance industries involvement. With this PPI scandal, as with all scandals, both sides will find reasons to blame the other. With time we will hopefully learn the truth and move on.
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