History is repeating itself for banks as the Payment Protection Insurance outrage continues
The Payment Protection Insurance scandal hit many borrowers hard. Individuals from all walks of life were mis-sold this particularly lucrative form of insurance - often without even knowing they had “signed on the line” thanks to sharp practice by call centre staff. The nation let out a collective cheer when it became apparent that the apparently untouchable lenders, to whom many a recession-hit borrower was forced to run cap in hand, would be heavily fined over their handling of the matter.
But sadly, not a great deal appears to have changed, as it transpires that banks haven’t exactly been hurrying themselves along to handle the complaints levelled at them. And thanks to their somewhat tardy approach to rectifying their previous wrongdoings, they’ve been faced with more fines. The Co-op, for example, was fined over £100,000 in January this year after it emerged that they were delaying the handling of complaints made against them.
The victims of PPI mis-selling may have felt better knowing that their ill-treatment had come to light, but it seems the banks are struggling to learn the lessons of their previous procedural - not to mention ethical - failures.