View the article online at http://citywire.co.uk/money/article/a649314
MPs to grill bank bosses over PPI mis-selling
Banks are set to face a parliamentary sub-panel over the payment protection insurance mis-selling scandal, according to reports.
Banks are set to face a parliamentary sub-panel over the payment protection insurance (PPI) mis-selling scandal, according to reports.
According to Sky News, Britian’s major banks have been ordered to submit the names of the executives who were directly responsible for PPI sales practices.
The lists could include the names of former executives, even if they left the banks years ago, it said.
The Parliamentary Commission on Banking Standards, which is led by MP Andrew Tyrie (pictured), has established a panel on mis-selling and cross selling.
The sub-panel will be led by Treasury Select Committee chairman John McFall, and includes former cabinet secretary Alan Turnbull, MP Pat McFadden, MP Mark Garnier, and MP Andrew Love.
City AM reported that representatives of the RBS, Halifax, Barclays and HSBC would face the panel. The paper also said that it could possibly call in Barclays chief executive Antony Jenkins, along with other top executives involved in the retail side of the banks, which sold PPI.
The four banks have so far put aside a total £10.8 billion for PPI provisions and it is set to hit £25 billion.
News sponsored by:
The Citywire guide to investment trusts
In association with Aberdeen Asset Management
What can SLI bring to the table for those who want to put their money into investment trusts?
More about this:
Look up the shares
More from us
- Tyrie cautions over 'rushed' Financial Services Bill
- RBS braces for Libor fine and mounting PPI costs
- Barclays takes £700m hit over PPI
- Banks' PPI mis-selling redress set to hit £25bn
What others are saying
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add email@example.com to your safe senders list so we don't get junked.
by Daniel Grote on Jan 30, 2015 at 17:06