Revealing The Bankers Cash Machine That Mis Sold PPI To Hundreds Of Thousands And Released Billions In Profit
PPI is a big game which has been perpetrated on many hapless victims. Sadly the victims have been customers who are financially weak such as the retired, self-employed and jobless.
Owing to mis sold PPI, clients discovered that they were not at all due for a policy but had one foisted upon them by overenthusiastic bankers keen to show off to their seniors. People were notfied that if they wanted a loan, mortgage or plastic it was totally important they possess PPI or else they may not have access to the loan.
This was a big lie which fooled a lot of clients. They got the PPI and eventually realized the payments were soon placed on to their monthly dues, which meant a good amount of cash being moved out of their bank accounts.
When it came time to to stake a PPI claim, the people realized how truly they were scapegoats of PPI mis selling and how horribly they had been duped. Many discovered they no longer had any money and when the clients went to make claims the clients realized they were not due for any funds because they were ineligible to meet PPI requirements.
The Financial Services Authority at last stirred out of its deep sleep and commenced to penalizing the banks for the crime of conning clients into buying PPI. Also the banks had not even bothered to enforce checks of work and health histories which showed how little they thought.
Even though the banks have been penalized heavily the sums involved are nothing as opposed to the cash thousands of clients have lost because of banking greed. There is also a a school of thought that maybe those definitely involved should do some prison time for their mischief which will positively assure lessons have been learned and it will not occur again and people are not conned again.
It appears that political parties are not wanting to take up the case of mis sold PPI claims for reasons best not discussed. Much of it may be due to the fact banks play a part in campaign financing so no party wants to get that lobby upset.
What is tragic is folks without a sure income source to speak of were cheated so badly by a cabal of financial instituion managers who had their own self-interest top most on their minds. The juniors were hoping for promotions and pay increases they made enough PPI sales to clients.
Meanwhile, the people who were duped into investing in a policy realized the premiums were being added on to the monthly payments which caused their savings accounts being cleaned out. Obviously the affected group of clients could not pay for this and several faced money troubles.
Shamelessly the banks have also gone on the warpath against the FSA casting doubts on its powers to impose fines on them for their transgressions. This way of thinking really does not work as the FSA is the guardian of the banking sector and is liable for monitoring what goes on.
The unnecessary aspersions on the FSA clearly indicates financial institutions are on the back foot and keen on trying to sweep the PPI situation under the carpet. But, it is not likely that the people will forget the great cheating game that was forced on them.
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