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PPI Mis-selling - 'It's time for bigger fines and tougher rules against banks'

5 Jun 2014

Citizens Advice Scotland have called for tougher actions against banks who fail to properly compensate victims of mis-selling.

As a new report today shows that many banks have under-paid PPI victims, CAS Head of Policy Susan McPhee says, 

“This report is very damning for the banks who have failed to get a grip of this problem and are still refusing to play fair and compensate people who have been victims of mis-selling. 

“It’s clear that we need a much tougher action from the regulators. The time for guidance is over. We need to see much stricter measures. For example bigger fines and tougher rules for the worst offenders. 

“Consumers need to know that this issue is being taken seriously, and that the banks understand that mis-selling is completely un-acceptable and will not be tolerated.” 

ENDS

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