Martin criticises 'outrageous' PPI comments from Barclays boss - MSE News

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
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edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
MoneySavingExpert.com founder Martin Lewis has hit out at comments from Barclays chairman John McFarlane, who claimed in a newspaper interview this weekend that the PPI scandal has turned "portions of Britain into fraudsters"...
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'Martin criticises 'outrageous' PPI comments from Barclays boss'
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  • unforeseenunforeseen Forumite
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    I tend to agree with the Barclays Chairman.
  • NasqueronNasqueron Forumite
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    Let's be honest, as much as there was genuine miss-selling (e.g. single premium) there are plenty of people who just see £££ and put in complaints encouraged by this site. Barclay's chairman is spot on, a huge chunk of them are fraudulent - witness the fact recent figures show around 50% of complaints about PPI at the FOS are from people who never had PPI and still think they are entitled to money.

    Personally I have a slightly macabre amusing thought about the next 10-15 years when ever the next crash comes and people, particularly with mortgages, suddenly start losing their homes because they lost their jobs and the MPPI which would have helped them was cancelled.

    I'm sure the CMCs will move onto other valid insurances like life and critical illness soon and ruin even more people's lives
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  • [Deleted User][Deleted User] Forumite
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    dunstonh wrote: »
    Also, MSE is not exactly one to be preaching on this front.
    To be fair, the comments were made by Martin Lewis who no longer owns this site.

    However, I do agree the article is weighted in favour of Lewis's point-of-view.
  • VT82VT82 Forumite
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    unforeseen wrote: »
    I tend to agree with the Barclays Chairman.

    Quite. Just because it's a case of the pot calling the kettle black, doesn't mean the kettle isn't black.
  • takmantakman
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    This twitter post is simply to boost public opinion of himself by jumping on the "anti banker" bandwagon. If he really wanted to help people with their finances he would be telling people the facts and not just going along with popular opinion.
    What! The @Barclays boss today claims PPI reclaiming's fueled a fraud culture! #potkettle

    Bank's PPI selling was a systemic, deliberate, scripted, protection racket to missell £30bn+ of insurance. An avg 66% of cost went as a bung to banks.

    And NO BANKER HAS BEEN PROSECUTED

    You just need to look at the posts on here and alot of people don't even understand they are accusing the financial institutions of wrongdoing when making a complaint. They think they are just "claiming" back money that you get just for having PPI.
  • NasqueronNasqueron Forumite
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    takman wrote: »
    This twitter post is simply to boost public opinion of himself by jumping on the "anti banker" bandwagon. If he really wanted to help people with their finances he would be telling people the facts and not just going along with popular opinion.



    You just need to look at the posts on here and alot of people don't even understand they are accusing the financial institutions of wrongdoing when making a complaint. They think they are just "claiming" back money that you get just for having PPI.

    Exactly, how much of the £30bn is actually miss-selling vs clearing the backlog (after the court case win that they had to consider old pre-regulation cases) or auto-payments to avoid the cost of fighting it. None of that was miss-sold but still adds to the figures
    the concept of a United States of Europe is right.” Winston Churchill 1930
    I think that the Government are right to apply to join the European Economic Community...” -Winston Churchill 1961
    “The future of Europe if Britain were to be excluded is black indeed.”[FONT=&quot][FONT=&quot][FONT=&quot] - Winston Churchill 1963
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  • robin58robin58 Forumite
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    I find it rich that Barclays says some PPI claims are bogus.

    Isn't this the same company who had to pay fines and payoffs to the UK, EU and USA government for wrong doings in the businesses across the whole company.

    Well that is the true definition of the pot calling the kettle black.
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  • TwopintsTwopints Forumite
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    robin58 wrote: »
    I find it rich that Barclays says some PPI claims are bogus.
    Really? Do you think none of them are bogus?

    :beer:
    Not even wrong
  • singhinisinghini Forumite
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    robin58 wrote: »
    I find it rich that Barclays says some PPI claims are bogus.

    Isn't this the same company who had to pay fines and payoffs to the UK, EU and USA government for wrong doings in the businesses across the whole company.

    Well that is the true definition of the pot calling the kettle black.



    But he's right, some PPI claims are bogus. I agree some of the banks are bad, but so are some of our citizens in our society. If we are going to point fingers at the banks, we need to take a hard look in the mirror at ourselves aswell.


    IMHO
  • societys_childsocietys_child Forumite
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    robin58 wrote: »
    I find it rich that Barclays says some PPI claims are bogus.
    Some? The figure quoted was 50% . Attempting to gain by deception is usually known as fraud.
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