Payment Protection Insurance, or 'PPI' as we all now know it, is one of the great scandals of our time. For years, our banks conned millions of people out of money they could ill-afford by selling them, sometimes surreptitiously, insurance which they didn't ask for, didn't need and didn't want.
Today, Lloyds bank has announced its latest results within which they've made a further provision of £1bn against the claims being made by people whom they conned in the past, bringing their total provision so far to £5.25bn. Lloyds seem to be the worst offender in this respect with other banks having made provisions, in total, of about the same amount, with the total cost of reimbursing victims now standing at something over £11bn. It's been said that the eventual total may be around £15bn.
That our banks can have been so criminal as to have robbed their customers of so much is surely a shocking thing. That they continue to find ways of relieving us of our money for useless or pointless services shows just how little they've learnt from the current scandal and also, rather sadly, how little many of their customers have learnt.
How long will it be before we can truly have any trust in our banks ?
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