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PPI Claims: Financial crisis 'in part due to the credit system'

PPI Claims may help people who are struggling due to the current financial crisis.

Speaking at a European conference on banking and the economy at Southampton University, Lord Turner, chairman of the Financial Services Authority (FSA), said the right level of credit is crucial for financial stability.

He stated that to avoid any further financial disasters or disruptive swings in the economy the banking system must examine its core functions such as how much credit is extended to consumers and businesses

 

"The fundamental question which I have asked is: how confident can we be that the quantity of credit supplied and demanded will be socially optimal? The answer is not very confident," said Lord Turner.

He believes the failing of some major banks in the UK was because of malfunctions in old-fashioned banking practices, which remain just as important as new trading activities.

 

The FSA's figures state the total number of complaints to banks associated with PPI increased by 23 per cent to 531,667 during the first half of 2011.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800745231-ADNFCR



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