As the payment protection insurance claims deadline passed in August, accompanied by the expected flurry of last-minute claims and panicked bankers increasing their compensation pots, the financial sector saw the close of one of the most notorious banking scandals in recent history.
Key points
- The PPI scandal was not surprising to some.
- The then FSA took a long time to act.
- The regulators need greater powers.
In short, extra power to the regulators just means extra negligence.
You may be thinking, does personal litigation truly hold more of a bite for mis-selling companies? Ask the swarms of claims companies birthed from the aftermath of PPI – sharks do not frenzy unless there is blood in the water.