King says the length of time taken to resolve the PPI (payment protection insurance) mis-selling claims has been damaging banks’ capital.
Now, I have been out the UK for the decades this was going on: the selling of PPI against loans, insurances, mortgages etc by banks and other financial institutions. The claims now coming in are mammoth and there are a seemingly endless number of companies who have jumped on the reclamation bandwagon ‘claiming’ to assist individuals to get the cash back. I have been getting dozens of nuisance calls each week telling me they have a cheque waiting; I wasn’t even here ! It is a serious issue as Mr King says as a major drain on banks’ capital.
This post is timely in that I got a call only minutes ago.
This may be something of little interest to non-UK dwellers but I am sure we all relate to the type of cold call.
