BBA executive claims banks did nothing wrong
by Luke Thomas, 1st July 2011
The British Bankers' Association has claimed that the banks were
not at fault over the PPI mis-selling scandal.
The BBA's executive director of retail, Eric Leenders, was
speaking at a conference addressing the reform of the financial
services sector, hosted by consumer group Which?, when he made the
controversial statement.
Attempting to explain why the BBA made the widely-criticised
decision of going to court against the FSA (Financial Services
Authority) after the latter group announced the introduction of new
PPI regulations to protect consumers, Leenders stated that had been
no concern over PPI as "we felt we had complied entirely with what
was required". This is despite the fact that millions of consumers
were found to have been misled when taking out loans, encouraged to
take out expensive insurance policies which did not apply to their
circumstances and would never have been of any use to them.
Criticising the FSA's rules regarding PPI, Leender claimed that
the banks had been "involved in conversations with the regulator
since 2001 to make sure the paperwork and documentation was
correct". Criticising the financial services watchdog as being
inconsistent, he stated that "to then say 10 years down the track
'this is how it should have been done and you should have known'
puts the industry in a very invidious position."
Despite his words of defence, few believe that the banks were
doing anything but ripping off consumers with PPI mis-selling. Even
many of the banks themselves have admitted wrongdoing, though it
may be seen merely as a face-saving measure. Barclays has even
announced no-questions-asked compensation for those who made
complaints about their PPI policy before the 20th of
April this year.
It seems that, regardless of what the BBA may feel, PPI has been
almost unanimously accepted as having been widely mis-sold, which
is why millions of consumers can expect billions in recompense from
their banks.
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you reclaim
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