PPI scandals have completely blown the banking industry of Britain. Common people have lost hopes on UK banks due to the increase of PPI incidents. Banks are not responding properly on PPI claims and this is the reason that FCA has taken up the charge finally.
A deadline has been fixed for claiming PPIs and this news has been circulated all over so that victims can easily get time for applying for their refunds. Billions of funds have already been discharged as funds and still, a lot more is yet to release. FCA is putting a huge pressure over these banks so that victims can get their refunds on time.
How banks in the UK are responding towards PPI crisis?
Banks in the UK are under tremendous pressure and they are continuously arranging for releasing the refunds on the basis of the claims raised by victims. Bank representatives are strictly verifying each application so that no claimant can apply for the refund illegitimately. Since the penalty for PPI claims is huge therefore banks are taking some time to resolve the crisis.
Banks have already hired many employees for putting the crisis under control. Due to the payment of the huge amount of compensation banks’ profits have gone down a lot. Banks are now going through acute financial trouble but still, they are fighting firmly for repairing their shattered reputation in the market. FCA is keeping a keen watch over the banks so that they can track each of their moves towards the settlement of this scandal.
Banks are getting into the roots in order to stop the mis-selling of PPI in future. This is because if this mis-selling is not stopped then the banks have to suffer more. The banks are also supporting those programs that are getting circulated all across the UK for giving the victims detailed information regarding how to get necessary refunds for PPI mis-selling. Moreover, the deadline for the claims is also getting mentioned on a repeated basis for public awareness.
Small firms have recently put serious blame on these banks that the banks neither cater proper information about the complicated PPI products nor tried to explain the associated risks to the public. In fact, this is the reason that this unwanted mishap happened. This crisis clearly proved that banks tried to do business in a completely wrong way.
Those lenders or companies that supported credit schemes of banks financially also backed out due to the emergence of this crisis. This incident put the banks into severe distress. Banks’ reputation completely got destroyed in the market. In fact, banks are now responding positively towards the release of PPI claims only for restoring their lost reputation and faith in public.