Banks forced to fund PPI advertising campaign
We brought you news recently that the weakness of the Financial Conduct Authority (FCA) could finally see a PPI deadline being introduced.
That deadline, if approved early next year, is likely to be 2018 which will please the banking industry as they now look set to come out of this scandal having still made a profit.
Consumer champions and campaign groups and Your Money Claim have long argued that any deadline would only serve to benefit those who have caused this sorry mess in the first instance.
The fines handed out by the regulator have served as no deterrent to banks and lenders as the rewards gained from breaches the rules far outweigh the risk.
Despite all this it now looks clear that a deadline will be introduced.
As part of the agreement for the deadline to come into play the banking industry has agreed to fund a £42m advertising campaign, which the FCA claim will be designed to encourage those who haven’t come forward to do so.
The problem though as we see it, is that it is doubtful the campaign will explain exactly why so many people haven’t yet come forward.
The truth of it is that the tactics employed by banks and lenders during the height of the mis-selling saw PPI being added to millions of credit agreements without the knowledge of the customer.
We’ve estimated around 7 million have yet to come forward, with the vast majority being completely oblivious their lender has scammed them.
FCA accept they don’t know the figures
Perhaps an indication of just how much of a grip the FCA have on the banks and lenders it is supposed to oversee, is that they openly admit they have no idea how much the final PPI bill will be.
We made our estimations some time ago that the final bill could be around £42.5 billion, which given the banks estimate of £25 billion, seemed a little extravagant to some.
However, with the overall bill already at £31.5 billion it appears we may just be correct.
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