New regulator promises bolder approach in wake of PPI scandal

Banks to be kept on tighter leash

by Cordelia Fishlock, 28th June 2011

Civilians entering into the pursuit of lucre need no longer do so with trepidation, if a communiqué from financial regulators is to be believed.

The nascence of the Financial Conduct Authority (FCA) as part of a mutation of the FSA could herald a new dawn of accipitrine overseeing of bank practises. This new body will monitor over 27,000 financial institutions and the transparency with which they treat their customers.

This is without doubt in part a reaction to the exposure of endemic PPI mis-selling within the financial sector, an event of seismic proportions which has left the reputation of UK banks at rock bottom and has seen a miasma of mistrust infiltrate the collective consciousness of the nation's financially-minded individuals.

"The FSA recognises that, overall, its response to the mis-selling of PPI should have been stronger," the FSA said.

The PPI scandal which has erupted over recent times has caused widespread consternation among the nations borrowers. Ranks of hapless consumers, hoodwinked by the unctuous discourse of bank employees, were compelled to purchase Payment Protection Insurance, a product with noble pretentions on the surface that in actuality was devoid of utility for most of the people who were encumbered with it.

The banks are now paying a heavy price for their misdemeanours, adding scores of clerical drones to their ranks in order to repel the enfilade of disgruntlement which is heading in their direction, as well to handle a mountain of claims for refunds.

Rather than deal with these corrupt colossuses directly, you can use a claims company to reclaim the money that was so inequitably snatched away from you by their tentacles. Such is our expertise that we win around 90% of our cases - so if you feel like you have been a victim of PPI mis-selling, making a claim could prove very profitable.

Find out more about claiming back mis-sold PPI.