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MSE News: Co-op fined for delaying PPI complaints

"The bank unfairly put some PPI complaints on hold during an unsuccessful challenge to FSA rules on PPI..."
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  • thelawnetthelawnet Forumite
    2.5K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    nothing ethical about the co-op in my experience, not with how it deals with customers anyway.
  • src007src007 Forumite
    420 Posts
    Great news. This means fines for Lloyds, Halifax, RBS, HSBC, Blackhorse and Barclays, should be on their way, for the same offence.

    Although, its sad to see that the FSA fined Co-op such a small amount. Apparently there was no ''financial loss'' to any consumer. What about the people who desperately needed the money - at that time - I'm sure some customers will have lost their homes without the PPI refund (or could have done)?

    The FSA said the offence was ''unfair''. Since when was deliberately withholding money just ''unfair''. Systematically keeping other people's money is a crime in my book. Well, it was found that mearly 100% of the complaints put ''on hold'' where done so incorrectly.

    Perhaps, like Hector Sants, the current FSA crew are looking for Royal approval and a million pound plus wage packet?
  • src007 wrote: »
    Apparently there was no ''financial loss'' to any consumer.

    The fine will cost the owners of the business.

    Am I not correct in thinking that the Co-op is owned by its customers - i.e. consumers?
  • Hoorah, at last someone has taken the bull by the horns and DONE something to shake the Co-op up! Perhaps now we will see an end to almost 2 years of trying to get back our mis-sold PPI from Britannia (now part of Co-op) and the Financial Ombudsman will also see sense and hit them for plenty of compensation for us?
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