The PPI scandal is one of the biggest scandals in the country’s financial history and there are many reasons that contributed to the growth of this scandal. One of the biggest reasons is the breach of trust carried out by the banks. For the sake of profits, they in a way duped millions of customers and earned in billions from the policy. The policy even though a good one per se got bad reputation due to the clauses the bank put in it and due to the way it was marketed. Here are the few reasons why PPI scandal became so big –
- The banks were making a lot of profit and they didn’t want the profits to stop coming. They suppressed the real information and made sure it didn’t reach the customers.
- The PPI scandal also became big because the agents and the banks’ representatives misinformed the customers in order to force sell the policy or compel them to buy, because they would get incentives and heavy commissions on its sale.
- The lack of awareness among the consumers also contributed heavily to why the PPI scandal became so big and lasted for so long.
- The people who got to know that something is wrong with the PPI or who felt duped didn’t went public with the information and therefore, only fuelled the growth of the scandal.
These are the few reasons why the PPI scandal became so big. If you have a PPI policy that was mis-sold to you, make sure that you file for the refund claim today. Try this PPI check company and they would provide you with all the details and assistance needed to file for the claim.
The claim process is fairly simple and you can get through it easily, provided you have all the necessary documents to validate your claim. Even though most of the policies were mis-sold, not all the policies were sold wrongly. Therefore, not all the policy can get the refund. Only the people who can prove that they were being mis-sold PPI policy can get the refund.