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PPI charges: Banks 'could have acted earlier'

Britain's banks could have acted earlier on personal protection insurance (PPI) mis-sellling, the head of the Financial Ombudsman Service has said.

Chief ombudsman Natalie Ceeney said if banks had acted swiftly to manage the scandal, they could have cut their bill for compensating customers who were mis-sold loan insurance.

Reuters reported Ms Ceeney telling MPs charged with reviewing standards within the banks: "The bill would have been far lower if they'd tackled this earlier. It felt like a long period of prevarication."

Ms Ceeney added that many consumers had opted to use claims management firms to help them claim for mis-sold PPI because they lost trust in the banks.

The amount of compensation paid so far "doesn't come anywhere near the profits made from PPI", she also claimed.

More than 2.5 million people have already received PPI payouts, at an average of £2,750 each and banks have set aside billions of pounds to cover the cost of PPI claims.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801533120-ADNFCR

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