PPI sales continue to be defended by BBA

The BBA continues to back the way banks sold PPI, despite the recent uproar over its extensive mis-selling.

Eric Leenders BBAThe British Bankers Association is continuing to defend the way banks sold payment protection insurance, regardless of the recent pandemonium over the extensive misselling of the product.

This week the BBA Executive Director, Eric Leenders, spoke at a Which? conference on financial services reform. He outlined the reason why the trade body launched its judicial review into PPI redress measures in the first place – a case which it lost in April.

Leenders noted: “This is a classic area where we felt we had complied entirely with what was required. That is not just based on our internal risk, compliance and legal assessments, but the external advice we received as well.

“Those risk and compliance departments have been involved in conversations with the regulator since 2001 to make sure the paperwork and documentation was correct. To then say 10 years down the track ‘this is how it should have been done and you should have known’ puts the industry in a very invidious position.”

In contrast, Clare Spottiswoode – member of the Independent Commission on Banking and former Ofgas Director General – had an opposing view: “It is absolutely outrageous in my view that the banking industry can defend introducing the PPI product on the basis they did all the paperwork and complied with all the regulations.”

As it stands, considerable fines have already been levied on banks as consequential action taken by the FSA for the misselling of PPI.

Register for Updates

Register to receive news updates straight to your inbox.
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Newsletter

Sign up to our newsletter
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Technology Form

  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.

Get in touch with us

We're ready to show you the future of consulting. Just fill out the form below!
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.

PPI Case Handler Profile

Complete your details below to receive our PPI Case Handler profile.
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Subject Access Request

    We require basic personal details to locate you on our records.

Request to Delete your Personal Data

    We require basic personal details to locate you on our records so we can delete your information.

Request to Withdraw Opt-In

    We require basic personal details to locate you on our records.