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Yet More Problems for Banks with New Calls for Missold Payment Protection Inquiry

Having spent the past couple of years under pressure to return the money received from payment protection insurance, banks could be set for more troubled times as the Treasury consider whether or not to conduct a full inquiry into the missold PPI scandal.

Hundreds of small businesses have bought complicated and expensive insurance policies with extremely high interest rates – of which many of the companies confessed to having little or no understanding of the policies that were sold to them alongside their loans.

A lot of the focus around missold payment protection insurance has focused on individual bank customers, but unfortunately it seems that the small businesses have also been drastically affected.

Lord Oakeshott, the former Liberal Democrat Treasury spokesman told the Telegraph “When will the banks start helping their customers before themselves? I will be tabling questions to the Treasury next week.”

It is estimated that around £1.9bn has already been paid out by the “big five” high street banks, (HSBC, Barclays, Santander, Lloyds and the Royal Bank of Scotland), to compensate consumers, with a total of almost £5bn set aside.

The Financial Ombudsman Service has been dealing with a constant flow of complaints in recent months, and called recently for something bigger to be done to prevent more customers being affected.

Director of Policy at the Federation of Small Businesses (FSB), Graeme Fisher, said “It looks like banks have once again stepped away from their core business of lending money and they’ve been looking after their bottom line rather than their customers.”

Mr. Fisher focused on one particular case where a businessman who took a £5m loan over five years was left with £4.1m bill for terminating the swap that was sold alongside it.

The Treasury have already begun gathering evidence of whether or not banks have been selling complex derivatives to small businesses. The Treasury exercises aims to establish the most effective ay of implementing the Independent Commission on Banking’s recommendations.

If you or your business feel that you have been missold payment protection insurance, visit the Creditline Financial website for more information, where you can also find our unique PPI calculator which well give you an indication as to how much you could reclaim from your bank.

Posted by Chris White on 16 Mar 2012

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