Let The Buyer Beware

In her blog back in May, Emily Puddifer raised the moral question: "If you took out PPI aware of the terms of the policy, would you complain anyway, knowing that you could receive compensation?"

And here we are in November, six months on and PPI is still claiming headlines. Provision for PPI pay outs by Barclays, Lloyds, RBS and HSBC have reached £10bn, for those government backed banks these are provisions that could have otherwise been paid back to the tax payer. It is clear the PPI redress situation has turned out far worse than the government, regulators, customers and the industry anticipated.

There is no doubt in anyone's mind that the 'mis-selling' of payment protection insurance to customers is plain wrong and that banks must, if they haven't already, put safeguards in place to prevent future such scandals.