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PPI is perhaps a great hoax which has been played on many hapless victims. Those conned were customers who are financially vulnerable like the people who have retired, have their own business and are unemployed.

Due to mis sold PPI, clients found that they were not even due for a policy but had one placed upon them by keen financial types ready to show off to their managers. Customers had been briefed that if they wanted a loan, mortgage or credit card it was extremely essential they have PPI otherwise they cannot have access to the funds.

This was a fib which made fools of plenty of people. They took up the PPI and eventually found the premiums were being tacked on to their monthly dues, which made for a large amount of funds being taken out of their savings.

When it came time to to make a PPI claim, the people saw how unwittingly they were scapegoats of PPI mis selling and how cruelly they had been gypped. Many found they no more had any cash and when the clients went to make claims the clients realized they were not entitled to any payment because they were notqualified to meet PPI terms and conditions.

The Financial Services Authority (FSA) finally rose out of its deep sleep and embarked on fining the financial institutions for the charge of misguiding account holders into buying PPI. In addition the banks had not even felt it fit to conduct the status of employment and health histories which epitomized how little they bothered.

Though the banks have been penalized heftily the fines involved are nothing compared to the cash hundreds of folks have lost on account of corporate mischief. There is a a popular sentiment that maybe those definitely involved should do some prison time for their wrongdoings which will make sure lessons have been learned and it will not happen again and people have nothing to worry about.

It appears that political parties are unwilling to take up issue of mis sold PPI claims for purposes best not discussed. A lot of it may be because banks play a role in campaign funding so no party desires to anger the wrong people.

What is unfortunate is those with no fixed income of note were hoodwinked so badly by a cabal of bank officers who had their own ends top most on their minds. The officials were bucking for moves up the career ladder and pay increases provided the juniors made enough PPI sales to account holders.

Meantime, the victims who were conned into purchasing a policy discovered the premiums were being added on to the monthly installments which led to their savings accounts being cleaned out. Clearly the affected section of clients could not afford this and many were facing bankruptcy.

Shamelessly the banks have also gone on the offensive against the FSA raising questions about its powers to place fines on the banks for their transgressions. This point of view actually is of no consequence as the FSA is the guardian of the banking sector and is responsible for looking after matters.

The sudden attack on the FSA clearly says financial institutions are on the defensive and intent on trying to sweep the PPI incidents under the rug. However, it is not likely that the customers will ignore the great hoax that was perpetrated on them.

Tags: mis-sold ppi, ppi claim, ppi claims, ppi reclaim