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Are the victims of this misselling anticipating large payouts to compensate for the hurt and distress they've suffered?
People should be facing serious fraud charges, because thats what the banks indulged in with the misselling of PPI.
Almost all of the complaints to the FOS have been about the misselling of the product, rather than problems in claiming on it.
Now that these are being used to write down the profits of patially taxpayer owned banks we are also picking up the bill for this misselling.
In 2011 Santander put aside £538m to cover claims from customers for the misselling of payment protection insurance (PPI).
BBB was publicly censured by the FSA over the misselling of whole of life policies and regular savings plans between 2001 and 2004.
The Financial Services Authority fined Egg £721,000 in December 2008 for the persistent misselling of payment protection insurance (PPI) on its credit cards.
John Mann has been on the Treasury Select Committee twice, 2003-2005, and 2009-present, during which he has raised issues around debt, financial misselling (with particular reference to Credit Cards) and claims handlers.