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Banks Hit By Another Misselling Scandal

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Banks are lurching from one misselling scandal after another. £1.5BN

http://news.sky.com/story/1131628/banks-hit-by-1-5bn-id-theft-mis-selling-bill

Britain’s banks will face up to another major mis-selling scandal on Thursday when the City regulator announces details of a compensation scheme for insurance customers that could cost the culpable lenders up to £1.5bn.

Sky News has learnt that the Financial Conduct Authority (FCA) is finalising a statement that will set out the terms of a redress scheme for consumers who bought identity theft and credit card protection from CPP, a York-based company, over a period of several years.

Still all those payments should help boost the economy.

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I'm shocked. How could such a thing take place in our esteemed banking system? :o

Think they are letting the 'small claims' through to prop up GDP. The huge payouts would come from bank charges (binned) interest only mortgages (debatable but binned) and LIBOR fixing(not for the likes of us).

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How timely. Just as the stealth fiscal stimulus from PPI winds down another stealth fiscal stimulus comes along to take its place. Anyone would think that Osborne is co-ordinating these things.

No Tory bankers will be prosecuted for wrongdoing, however. That much is guaranteed.

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This is about insurance fraud - again.

Can we look forward to a similar inquiry into motor insurance? It will come.

Still, at least the repayment of stolen money will boost GDP. Pity the thieves won't even be prosecuted.

Thanks, Dave - ignore the theft and keep hunting down those terrist newspapers - we'll all be better off.

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