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News

BBA Claims To Be Not At Fault Over PPI

In a move that will likely come across as laughable to many consumers that have been involved in the missold payment protection scandals, the British Banker’s Association have claimed that it’s members were not at fault for the financial scandal, which has become the biggest of it’s kind in UK history.

Eric Leenders, the BBA’s executive of retail had been speaking at a conference that was addressing the potential reform of the financial services sector – hosted by the consumer group Which? – when he made the claim which will be frankly laughable to many people who were victims of the mis-selling originally.

Mr Leenders was attempting to explain the reasons why the BBA had gone to court against the FSA following new regulations that the latter had introduced to protect customers. He stated that the BBA felt that it had ‘complied entirely with what was required’ regarding PPI and that ‘to say 10 years down the track that this is how it should have been done and you should have known puts the industry in a very invidious position.’

With many of the banks themselves having admitted wrong-doing over the issue, though, it is likely that Mr Leenders remarks will be taken seriously by very few people. Barclays themselves have already announced a no questions-asked compensation refund for anyone who made complaints regarding PPI before 20th April 2011.

Whatever the BBA’s feelings on this issue are, the claims from consumers is going to continue to increase over the next few months.

Posted by Shaun Edwards on 15 Jul 2011

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