PPI News-Why Is The PPI Scandal So Massive?

PPI Claims cost banks billions which they must pay out in compensation, and shows how the mis-selling has become out of hand.

However, the Ombudsman Services (FOS) claims that mis-selling was not going unnoticed in the insurance industry. So, who should have intervened to prevent the scandal from reaching the magnitude, and affecting so many consumers nationwide, at an early stage?

The FOS, claims that the insurance industry is partially responsible for flagging and preventing the bad behaviour, and should have stepped in to prevent the amounts of bad selling channels in the marketplace.

Although banks were heavily criticised for the way in which PPI mis-sellings were occurring, the insurance sector has been viewed as less culpable, although it had knowledge that mis-sellings were occurring.

ABI director agreed with the FOS’s conclusion, and claimed that insurers had a responsibility and obligation, to ensure their policies are sold in compliance with FSA/FCA requirements, and that these insurance companies should have intervened to help cap and stop the mis-sellings before they had affected so many consumers nationwide.

Whoever is responsible for so many mis-sellings, claimed the FOS, the allowing of visible mis-sellings to affect so many consumers, and to continue for so long, will not be acceptable in the future.

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