Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

FSA 'did not act fast enough' on PPI scandal

The Financial Services Authority (FSA) did not respond to the Payment Protection Insurance (PPI) misselling scandal as quickly as it should have, it has been said. founder Annie Shaw pointed out the first time this issue was flagged up was in 1998.

"Despite some miscellaneous fines for egregious bad behaviour in the industry", it was not until 2009 that authorities began to act on the PPI misselling scandal, she declared.

Neither the Competition Commission nor the FSA tried to stop this problem until it had "reached crisis point", the specialist argued.

Ms Shaw said the two reasons for this delay were that banks were "making shedloads of money" from PPI and that regulators behave in a reactive manner, rather than operating proactively.

The FSA recently revealed that £1.9 billion was paid out by banking institutions as redress for missold PPI during 2011, with £441 million of this occurring in December.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail bankingADNFCR-2776-ID-801300975-ADNFCR

Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Post Code 
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide