A View From Middle England - Conservative with a slight libertarian touch - For Christian charity and traditional belief - Free Enterprise NOT Covert Corporatism

Wednesday, April 20, 2011

Banks lose Payment Protection Insurance (PPI) judicial review

British banks, and that includes finance house, credit card issuers and other assorted moneylenders, have lost a judicial review that could have a major impact on whether more compensation has to be paid on mis-sold loan insurance. The whole practice of selling insurance like this has been a green-eyed monster as far as the banks are concerned. The day they decided to leave proper banking behind and become as spivs behind computers that was the day we were on a slippery slope.

Most of the PPI sold was never intended to be cashed in on. The wording was either so convoluted or devoid of meaning that they were virtually useless from the start. Many people were sold the product when they either did not need it, require it or want it. It was purely driven by commission greed. And for those that did require it, many found their straightened circumstances due to unemployment, illness or whatever, resulted in an inability to secure settlement to pay for their finance instalments. Those that have got into difficulty have had their loan accounts closed and sold at knock down prices to avaricious debt chasers, who care little for the niceties of contracts. And in many cases the banks cashed in on their own debt insurance! Goose and ganders don't apply here. It's just the bloody sauce of it all.

Thankfully, the judges saw through the flimsy arguments of the banks. Just like MPs saw through the erstwhile Northern Rock directors. One has to remember it was these banks that thought peddling a toxic mix of regurgitated sub-prime loans and Lehman Brothers "vehicles" was the panacea for the world. I don't think they are contrite yet. I think it is still business as usual. Or usual since proper banking ceased. Somebody is going to have to deal with them soon. I thought Vince Cable was that guy, but seems not. We'll have to wait and see.

14 comments:

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