Former HBOS chief admits PPI mis-selling was known

At long long last we have one of the major banks former bosses admitting he knew all about the PPI mis-selling that was happening on his watch.

This revelation has led to MP’s calling for an investigation into the claims.

HBOS (Halifax Bank of Scotland) forms part of the Lloyds Banking Group along with Blackhorse and Lloyds among others, and have been the biggest culprits in the UK’s largest consumer finance scandal.

Should we be surprised?

Whilst most media outlets are up in arms over this news, should we really be that surprised?

Surely somebody who is heading any organisation would be aware of what is happening within it?

We can only assume that the deafening silence from the other banks are down to one of two scenarios, both of which are equally worrying.

Either all of the bank bosses knew what was happening and turned a blind eye, or they had little control over the organisations they were supposedly in charge of.

History of cover ups and scandal

Banks and lenders haven’t exactly covered themselves in glory over the last few decades, with scandal after scandal being uncovered.

When banks have to answer to shareholders who demand profits on their investments, the temptation to bend, break or shatter the rules seems to be far too tempting.

When rules are broken it is very rare for the perpetrators to be brought to justice within the finance industry, very much a case of safety in numbers some may suggest.

Add to this that fines, no matter how big they appear to be on the surface, have never resulted in any bank making a loss on their misdemeanors and you have all the ingredients required for the perfect scandal.

Have you had PPI?

PPI was sold on all forms of credit, such as mortgages, loans, car finance, hire purchase agreements, credit cards and store cards.

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