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British Banks Drop Ppi Mis-Selling Appeal

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The British Bankers' Association (BBA) said the legal action over the scandal which saw thousands sold the policies they did not need was being dropped to provide certainty for customers.

Pressure for the industry to pull the appeal has been building since Lloyds, the 41pc state-owned lender, said last week that would not take part and set aside £3.2bn to compensate customers mis-sold PPI cover.

The death knell for the action came over the weekend when Barclays joined Lloyds in pulling out of the action, leaving Royal Bank of Scotland and HSBC isolated on the issue.

I wonder why Lloyds broke ranks first? You would have thought the govt would have told RBS to give up the appeal.

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I'm in 2 minds about this really. on one hand, PPI has been widely mis-sold, on the other hand, reclaiming PPI is very much the 'whiplash injury' of financial claims and people will be reclaiming it even though they knew what it was for and how much it cost.

It's very easy to claim your premiums back by saying "It wasn't explained to me" and very difficult for the banks to prove that it was.

It's part compensation culture, part bankers greed, part individuals financial illiteracy.

One things for sure - Financial Claims Companies will be rubbing their hands with excitement at this ruling as they process a huge backlog of these claims and take their 25% cut.

Edit to add;

of course - the ones actually paying these billions in compensation will be you and me, through increased bank charges. plus I'm sure the banks will just increase their tax avoidance measures to cover this payout.

Edited by Reck B

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