Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

 
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



Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Town
County
Post Code 
Email 
Circumstances
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 www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B16, 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