An expensive, long-running banking scandal draws to a close
years Britons have been bombarded with bizarre television adverts featuring the animatronic head of Arnold Schwarzenegger. In this guise the actor and former governor of California has been urging them—on behalf of the Financial Conduct Authority , a regulator—to claim compensation for mis-sold payment protection insurance before the deadline of August 29th.policies, will be even gladder to see the back of Arnie’s bonce.
At some banks, nearly 90% of claims have been upheld. Average payouts have probably exceeded £2,000. Britons have thus enjoyed unexpected windfalls big enough to splash out on holidays or cars. In the peak year, 2012, banks paid out £6.3bn, equivalent to nearly 0.4% ofestimates that 45mpolicies were sold between 1990 and 2010. Almost half were attached to unsecured loans, for everything from cars to catalogue shopping.
Not all policies were mis-sold, but plenty were. Borrowers were told that they could have credit only with. Some probably did not know they were paying for it, because premiums were quietly bundled in with interest payments. Some who made insurance claims were rejected, for example because they were self-employed or because their medical history ruled them out. Commissions bulked up premiums.
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