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Martin criticises 'outrageous' PPI comments from Barclays boss - MSE News
Former_MSE_Callum
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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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'Martin criticises 'outrageous' PPI comments from Barclays boss'
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I tend to agree with the Barclays Chairman.0
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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 livesSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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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.0 -
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.Martin_Lewis_(Twitter) wrote: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.0 -
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 figuresSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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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.The more I live, the more I learn.
The more I learn, the more I grow.
The more I grow, the more I see.
The more I see, the more I know.
The more I know, the more I see,
How little I know.!!
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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.
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.
IMHO0 -
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