Payment protection insurance mis selling, the biggest financial scandal in the United Kingdom, is being considered an end. The Financial Services Authority, UK’s financial watchdog, took into consideration putting a deadline on PPI compensation claims with a tentative date of May 2014 but it is urged to move the deadline, or at least have the deadline but breathe down the necks of banks for proper consumer repayment payout. The entire case is now the top subject in UK’s financial industry.
The FSA will clearly need to save its face after having a lacking effort in terms of predicting PPI’s mis selling throughout a decade before it was pointed out by consumer group Which? However, it failed yet again after banks were again involved in a rate-rigging scandal of Libor, which can affect lending and borrowing fees throughout the UK banking system.
Former FSA chairman Adair Turner admitted that the entire organization was swimming in “a fool’s paradise”, only reacting without any preemptive knowledge about the situation. Referring to the PPI scandal, the FSA will need to make best on its actions to gain consumer trust. This means that they should heed consumer, consumer group and critical statements in their next actions in setting a deadline for PPI claims.
It is true that the UK’s economy is failing and part of this is because of the payment protection insurance compensation package. The FSA is correct in upholding only the best interest of consumers, but these are just words. It is proper that the FSA breathe down the necks of banks to ensure that all customer are getting the repayments they deserve. To enquire about claiming visit www.PPIReclaimCo.co.uk.