Majority of people want bankers to face charges for PPI mis-selling

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70% of people believe that banking executives involved in the mis-selling of payment protection insurance (PPI) should face criminal charges, a new survey has revealed.

 

Commissioned by PPI claims company Forbes Douglas, the survey also found that nearly two thirds of people (62%) want the Government to force banks to identify and compensate customers who have been mis-sold PPI – without needing them to complain first.

 

In cases where the victims of PPI mis-selling are deceased, 18% of people said that determining who is entitled to get money back is too difficult and instead any compensation should be given to charity.

 

Over £15 billion has been set aside by the main UK lenders to settle claims over mis-sold PPI policies with Barclays adding £1.35 billion to the £2.6 billion it had already put aside to settle PPI cases this week.

 

Well over half of people (55%) also said that claims previously rejected by banks should be reopened, following suspicions that staff at Lloyds TSB have been deliberately delaying and rejecting PPI compensation requests in the hope that policy holders would give up pursuing their claim.

 

Gary Verschuur, managing partner at Forbes Douglas, said that the moral thing for Lloyds or any bank with a similar record, was to voluntarily to reopen all complaints they have rejected.

 

“If they don’t, the Financial Conduct Authority should insist upon it,” he said.

 

“It’s clear that people across the UK feel hoodwinked by banks over the PPI mis-selling scandal and literally thousands of individuals are coming forward with new complaints every week.”

 

 

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Marek Handzel

Marek Handzel is the editor of Claims Magazine. Marek welcomes articles, letters, or feedback from readers and can be reached by emailing marek.handzel@barkerbrooks.co.uk