The banks and other lenders selling PPI made billions of pounds from selling PPI, and when the selling was underway, they had no reason to stop it. The kind of profit made by these institutions by selling PPI was enormous, and the payout of PPI was almost negligible because most of the people were not able to receive the benefits covered by PPI due to its complex clauses.
The banks’ agents were also making a lot of money from the selling of PPI and this was also one of the reasons why PPI scandal continued to become as big as it became. Here are the few major reasons why banks did not intervened in the PPI scandal when it was in the making –
- The primary reason why the banks did not intervene even when they were fully aware as to how the PPI is being mis-sold to so many consumers is because they were making huge profits out of it. The PPI turned out to be one of the most profitable financial products for the bank.
- The banks were making easy money through the selling of PPI as the aggressive marketing and selling approach of the banks’ agents. The bank just looked the other side to ensure that the mis-selling continued and the bank continues to enjoy the profits.
- The PPI policy as such was a very complex one and getting its benefits was not an easy process. Most of the people who ever filed for financial benefits provided by the PPI never received it as the payout clauses were very complex.
- As PPI was being sold wildly to the customers, whereas the payouts of benefits were very scarce, the banks continued to make huge profits and didn’t had much reason to care about the customers. This kind of profit in such short time was unbelievable.
These reasons clearly suggest the wrongly intentioned role played by the banks in the PPI scandal. However, thankfully you can file for PPI claim, and to know about the procedure call PPI claims advice line without any further delay.