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.
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by Gavin Lumsden on Mar 07, 2014 at 18:53