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PPI Claims - About PPI

PPI Claim News - 9/12/2009

 
Credit Card PPI: Bankers told to 'wake up'

A senior financial figure has accused bankers of failing to understand the scale of the financial crisis and adopting a 'business as usual attitude'.

The comments were made by economist Paul Volcker, who served as chairman of the US Federal Reserve between 1979 and 1987 at a business conference in Sussex organised by the Wall Street Journal newspaper.

In particular, he criticised the development of the derivatives industry which he blamed for triggering the global financial crisis last year, saying that it made no contribution to the economy at all.

He said: "[There is] little evidence innovation in financial markets has had a visible effect on the productivities of the economy," the Daily Telegraph reported.

Mr Volcker also made a plea for banks to return to their role as holders of deposits and lenders to small businesses, with these activities being separated from the riskier activities of hedge funds and derivatives traders.

For free advice on how to make a PPI ClaimPayment Protection Insurance claim or a credit card charges claim then call Belmont Thornton on 0845 526 0000 or fill in the Quick Claim form to be sent a free PPI Claim pack or credit card charges claim pack.ADNFCR-2776-ID-19503842-ADNFCR



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