The complete payment protection insurance scandal shock continues to be common and focused media statements across the country. So it is somewhat bit perplexing to grasp where everything originated and how the process of reclaiming ppi even came to exist.
The mis sold payment protection disgrace has unfolded during the period of many years. The tragedy along with research after investigation, and appeal after appeal, it can be mind-blowing to understand the beginning.
How Payment Protection Insurance or PPI scandal began
It really begun long ago in 1998. The notion of ppi and it is value-for-money was questioned in Which? magazine. Many difficulties with the PPI market were outlined over time by newspapers and Citizens Advice but nothing really found being.
It wasn’t right up until 2005 that this ppi industry was put at the forefront of news. It was highlighted because the Financial Services Authority took upon itself to regulate the sale of general insurance. The process indicated that reviewing the market is its sole concern.
What happened to the payment protection insurance Scandal
By 2006 its report recognised the poor selling practitioners and small firms together with major PPI providers were penalized for mis-selling and not treating customers reasonably. Some companies joined enforcement care for PPI failings.
Through the years more providers were fined and more research was published showing how many people were eligible to make ppi claims simply because they were mis-sold the policy. It wasn’t until 2008 that the FSA started to look into how the firms were dealing with the PPI complaints and then restricted the sale of single-premium PPI.
The final stage of Payment protection insurance scandal
Most of the banks visited the High Court with the FSA against its new guidelines on the selling of PPI but they also missing the judicial assess and the British Bankers’ Association didn’t appeal the verdict.