Bank Executives Held Personally Accountable for PPI Mis-Selling

High street banks involved in the mis-selling of Payment Protection Insurance (PPI) have been ordered to provide the names of the executives and directors directly responsible.

According to Sky News, the Parliamentary Commission on Banking Standards (PCBS) has ordered high street banks to provide the details of those behind the sales practices of Britain’s worst-mis-selling scandal.

High-street Bankers responsible for the shocking payment protection insurance (PPI) mis-selling scandal are due to be penalised for their actions through a public interrogation. The names given will contribute towards the investigation, headed by Conservative MP Andrew Tyrie, and could even include those who discontinued working at the bank years ago.

For many of the people involved in this investigation, it will be the first time they will have been held personally accountable for the scandal which has grown in the public domain after vast news coverage. It is unknown which names have been put forward as of yet, however, the investigation can expect plenty of public support since the PPI scandal has affected thousands of people throughout the UK. Many of the dominating banks stopped selling PPI years ago, making it difficult to reclaim bonuses from the Executives for legal reasons.

Almost £12 billion has currently been set aside by all banks involved in mis-selling PPI, Lloyds TSB having the largest share within the £12 billion at just over £6 billion. The full extent of mis-selling is still unknown as the figure set aside is still growing year on year.

PPI was added to loans, credit cards and mortgage agreements and was mis-sold in many ways. In some cases, policy holders were unaware that payment protection insurance had been added to the account.

Customers who have taken out any form of credit over the last ten years have been encouraged to check their policies to see if they were victim to one of the biggest ever mis-selling scandals.

Contrary to popular belief, the amount of time available to claim back isn’t as strict as 6 years from when the policy was taken out as reclaiming mis-sold PPI does not have a definitive deadline.

If you have had a loan agreement within the last 10 years it is possible that you were mis-sold PPI. You can usually find this out by checking your loan agreement for any charges other than your loan repayments, as this could be an indication that you have PPI. If this is the case you can make a complaint directly to your bank, or use a Claims Management Company to do all of the work for you.

Poppy Stott is a freelance journalist specialising in personal finance and payment protection insurance.