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Banks chose not to withdraw PPI, says Virgin Money boss

Banks could have removed payment protection insurance (PPI) from sale years before the scandal came to light, but chose to keep selling it due to its profitability and concerns over share prices, the chief executive of Virgin Money revealed.

Jayne-Anne Gadhia explained how when she worked for the Royal Bank of Scotland (RBS) staff were aware of the risks of selling PPI.

She spoke with senior staff about withdrawing the product but no one was prepared to take the step due to the impact on the bank's bottom line.

Ms Gadhia left the firm in 2006 to join Virgin Money but it was not until 2009 that RBS stopped selling PPI, right after Stephen Hester was made chief executive when the bank was bailed out to the tune of £45 billion.

The mis-selling scandal has now cost the banking industry more than £12 billion, with the figure set to rise even further.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801487683-ADNFCR

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