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Some 46 million people in Britain could potentially benefit from a legal case brought against Mastercard (MA.N) demanding 14 billion pounds ($19 billion) in damages for allegedly charging excessive fees, according to court documents filed in London.
The case brought by a former chief financial services ombudsman alleges the payments company charged unlawfully high fees to stores when shoppers swiped their debit or credit cards and these were passed on to consumers in higher prices.
So was Personal Protection Insuance (PPI) misselling
Quote:
Originally Posted by The Guardian
The cost of the payment protection insurance scandal, which has already reached £37bn, is likely to escalate after the financial regulator extended its proposed deadline for claims by customers mis-sold policies by more than a year
The Financial Conduct Authority (FCA) stunned the industry on Tuesday by proposing a deadline of June 2019, rather than the spring 2018 cutoff it had suggested in October in a move intended to draw a line under the costliest ever misselling scandal.
Banks, which had been operating on the basis of the 2018 deadline, are now expected to increase their provisions while consumer experts urged individuals to make claims.
According to an estimate by the New City Agenda thinktank, PPI has already cost £37.3bn and the prospect of the rising cost drove bank shares lower.
Lloyds Banking Group closed off by 1%, Royal Bank of Scotland was down by 1.7% and Barclays was 3.5% lower.The FCA calculates that £24.2bn has been paid out to 12 million consumers since 2011 – when the payouts first started – from more than 50m policies sold since the 1990s.
Well thanks for hijacking my thread...just kidding. I read up a little bit on that PPI and that's just as shady. And of course, nobody will end up in jail.
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Quote:
Originally Posted by dude1984
Well thanks for hijacking my thread...just kidding. I read up a little bit on that PPI and that's just as shady. And of course, nobody will end up in jail.
Nobody goes to jail and lawyers make a fortune out the while thing.
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