Sep 23, 2018
PPI fuelling fraud culture, says Barclays boss
The PPI insurance mis-selling scandal has turned many Britons into fraudsters, one of the UK's top bankers has claimed. Barclays chairman John McFarlane said it was "Inconceivable" that all the claims fuelling a "Flat-screen television" buying spree were genuine. Banks have had to set aside billions of pounds to settle compensation claims. In August, Lloyds Bank set aside another £460m, taking the amount allocated to settle claims to more than £18bn. As many as 64 million PPI policies were sold from as long ago as the 1970s. The scale of the PPI scandal and its associated compensation claims has prompted concerns that some unscrupulous claims management companies have abused the system.
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