The British Bankers’ Association (BBA) is in talks with the Financial Services Authority (FSA) about setting a deadline for mis-sold payment protection insurance (PPI) claims. The banks are hoping that they will be able to set in stone a date at which the PPI scandal, which has been dragging them down for the last few years now, can finally be put to rest.
It’s entirely a self-interested move, as the banks are having to pay out billions in compensation to customers that they deliberately mis-sold PPI to. Millions of people around the UK who took out loans, mortgages or other financial products were sold into PPI contracts, or had those contracts added to their costs without their knowledge, even though the insurance was totally useless to them. Continue reading
2 men who are believed to have been responsible for sending unsolicited text messages about PPI claims have been told that they could face fines of up to £250,000. The 2 men cannot be identified as they have been afforded 28 days to provide a reason why they should not be fined under the Privacy and Electronic Communications Acts. If the case is successfully brought against the pair, it could set a path for the end of nuisance spammy text messages in the UK. If the 2 men fail to successfully justify their actions they will be named and shamed as well as prosecuted.
The court case is the first of its kind and part of a larger crackdown by watchdogs on nuisance marketing texts and pre-recording messages to ransom UK landline and mobile phone users. Continue reading