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MPs to grill bank bosses over PPI mis-selling

by Michelle Abrego on Jan 08, 2013 at 11:03

MPs to grill bank bosses over PPI mis-selling

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.

9 comments so far. Why not have your say?

David Curley Dip extrodinaire

Jan 08, 2013 at 11:43

Why just interrogate them about PPI, what about all the other unethical sales the banks have done over the years ?

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John Burchett

Jan 08, 2013 at 11:48

Wate of time and money.

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The Other Side

Jan 08, 2013 at 11:51

Call them in, spend thousands if not millions on a year long enquiry, submit the finding then have them rebuffed to the back burner.....

Leveson anyone?

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RichardR

Jan 08, 2013 at 12:18

It's called "getting the government up to speed" on what's been going on

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Jonathan Kirby

Jan 08, 2013 at 12:20

But will they have the teeth to do anything?

My last remaining faith in the parliamentary system was destroyed when Sants & Co told them to take a running jump over RDR.

Or maybe this is payback time? Head of compliance at Barclays is who?

Oh but of course it was all long before his time!

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Richard Hardy

Jan 08, 2013 at 13:17

Are they also going to call the FSA executives who fiddled while Rome burned?

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Paul Nedas

Jan 08, 2013 at 13:29

Death to euphemisms!!!

"MIS-SELLING" =

Either negligent or deliberate mis-representation .

And if it was deliberate, then its called FRAUD

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John Smyth 3

Jan 08, 2013 at 16:37

Unless they interrogate McCarthy and Sants also and unless this results in some prosections for fraud it will be a waste of time.

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Charles Rickards

Jan 09, 2013 at 08:50

Where something is sold, there is always the possibility of mis-selling, end of! Why successive governments/parliament feels the need to spend vast amounts of tax payers money to get an answer that a small group of year 7 school children could answer is beyond me.

The UK has bigger problems than PPI mis selling to overcome, so why don't they put their efforts into something of benefit to the whole population.

When will we have the Car mis-selling scandal, as I believe every new car makes a significant loss the second it is driven off the forecourt!

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