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Banks gave in to PPI mis-selling due to their unpopularity, says Dunstone

Financial institutions gave in to the payment protection insurance (PPI) mis-selling because they were not popular enough to be able to fight billions of pounds worth of compensation claims, according to Sir Charles Dunstone, co-founder of the Carphone Warehouse.

The former HBOS retail risk committee member said that the numbers seem "completely mad" and that he does not believe policies were mis-sold in the way the Financial Services Authority claims.

"It seems to me that the banks have just surrendered. That they are so unpopular that they should pay the money," he said.

Britain's banking industry gave up on its appeal against the High Court ruling last May, which precipitated the waves of claims that have cost the sector more than £11 billion.

Lloyds Banking Group, which took over HBOS, was hit worst by the PPI mis-selling claims, with the firm putting aside £5.3 billion for compensation, much of which could be attributed to HBOS.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801491070-ADNFCR



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