Refreshing news just in…The banks have (finally) given up their fight over wrongly sold payment protection insurance.
At long last, the banks have thrown their hands in the air and given up the battle to not have to pay out compensation to those they ripped off by ‘wrongly selling’ insurance to their customers.
It seems that they knowingly sold insurance to people who could never benefit from it. They forced it on people who didn’t want it, and added it to loans without the customer being aware of it. All in all, exactly what we have come to expect from banks.
For ‘wrongly selling’, read conned. Yes, conned. The banks are con men in the very worst tradition of that term. It’s brilliant that they have been found out and publicly disgraced over this, though don’t hold your breath that anything will change. Leopards can not change their spots, and it’s in the nature of bankers to rip off. Whatever legislation is passed, they will find a way round it.
For now, let’s enjoy their embarrassment at being caught with their hand in the cookie jar, and doing the very thing they hate most…Giving money back!