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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 to speak of were ripped off so sadly by a cabal of bank managers who had their own greed top most on their minds. The juniors were looking for moves up the career ladder and wage increases provided they made plenty of PPI sales to clients.

Meanwhile, the people who were conned into acquiring a policy realized the payments were being added on to the regular payments which caused their bank accounts being drained. Obviously the affected group of customers could not pay for this and many were facing a bleak financial future.

Astonishingly the banks have also gone on the warpath against the FSA raising questions about its powers to place penalties on them for their transgressions. This argument truly is of no consequence as the FSA is the guardian of the financial industry and is responsible for monitoring what goes on.

The sudden attack on the FSA obviously indicates banks are on the back foot and intent on trying to sweep the PPI incidents under the rug. But, it is unlikely that the customers will ignore the great hoax that was perpetrated on them.

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