Banks finally get a kick up the arse!

[jimslip]

Finally, after years of dragging their feet, crooked banks are having to actually bother to write all of those poor suckers who they ripped off by miss selling them PPI insurance. For many years the FSA allowed a situation where YOU the victim, had to research whether you had been swindled and then make a claim or get ripped off again by getting a claims company to do it for you.

No surprise to learn that the miss-selling of PPI flourished to a level of swindling, on an "industrial scale" under New Labour, who were terrified of controlling or even interrupting any of the bankers excesses or malpractices. One bank sold approx ?400m worth of PPi's at a profit of 80%. Not bad eh?

Many people who took out loans were totally unaware they were being cheated, so never claimed. Now they can look forward to a cheque arriving. The amounts swindled amount to many ?Billions!!shocked!

[Peter]

Twice, when upping the payments to my pointless pension, I specifically stated that I didn't want any 'insurance' and twice they stuck it on anyway. God knows how many people didn't notice, or bother to check, especially after they said no when asked if they wanted it.

[David Johnson]

", after years of dragging their feet, crooked banks are having to actually bother to write all of those poor suckers who they ripped off by miss selling them PPI insurance."

Wrong. The banks are only writing to people who were on the wrong end of "systemic failures in sales processes". That does not cover everyone who was mis-sold PPI. Moneysavingexpert.com has a handy guide for people who want to write direct to their bank etc over this.

"No surprise to learn that the miss-selling of PPI flourished to a level of swindling, on an "industrial scale" under New Labour, who were terrified of controlling or even interrupting any of the bankers excesses or malpractices. One bank sold approx ?400m worth of PPi's at a profit of 80%. Not bad eh?"

Wrong. Under Labour, the Financial Ombudsmen wrote a critical report of PPI, as did the Competition Commission. In addition the FSA published a statement confirming its package of measures to protect consumers in the Payment Protection Insurance (PPI) market.

To argue then that this is an example of "being terrified of controlling malpractices" is complete ToryBoy Jimbo bullshit.

And finally just to add an antidote to your ToryBoy analysis,

"In May 2011, The Guardian's economic editor, Larry Elliot, wrote: "There is a simple reason why output is still 4% below its peak and growing only slowly: the debt-driven model of economic growth deployed in the 25 years from the financial deregulation of the 1980s by Thatcher to the bank run at Northern Rock no longer delivers"

Labour has admitted doing a bad job on regulating the banks. Having said that for the last 25 years up to the crash in 2008, the Tories have been totally opposed to any regulation of the banking system.

Hope this helps to give you Toryboy, a basic understanding of the topic you are holding forth on.

[Gusset Sniffer]

I had it with three credit cards and a mortgage. Haven't looked into it as yet but I guess I was a twat to have it? I will get nothing as I thought I had to have it! I suppose I didn't read the small print.

[Arginald Valleywater]

Or if you any financial nouse whatsoever don't fucking sign up for it...same as extended warranties, simply say no and screw the salespersons bonus. Mortgage protection is a no brainer, it saved me a chunk of cash when inbetween jobs but you need to be a bit dim to sign up to any other form of PP1.

[spider]

If you don't like the big banks, do something about it...............