Ashwin Mistry on mis-selling
I’m just back from the USA, where almost every television programme is interrupted by nauseating adverts for compensation claims lawyers – I memorised a couple of 12-digit numbers in just five days!
Back in the UK, the whole issue of payment protection insurance mis-selling is again back in play, following the Big Four banks’ decision not to appeal the court’s dismissal of their judicial review of the new FSA rules. We mere mortal brokers thought we had been handed a reprieve, but the future looks gloomy, yet again.
It is quite a neat trick (or a rather mischievous one by Lloyds, as a state-owned bank) to make such a noble gesture and take a hit.
But who really suffers? Not the banks, but the equity owners – that is, UK taxpayers who are our clients and insurers’ policyholders …
Ashwin Mistry is chairman of Brokerbility.