The payment protection insurance fraud committed by virtually every UK bank in existence is not only the biggest financial fraud in history. It directly affects the bloodline of the UK economy. With over £25 billion in estimated compensation for the entire United Kingdom, the economy could actually improve if the entire package is finally addressed to the country.
Over £15 billion had been paid out to about 380,000 customers mis sold the nefarious insurance policy. However, the Financial Ombudsman Service states that the numbers are still growing with them receiving at least 2000 PPI claims daily. The FOS estimates that banks need to redress at least 4 million more PPI claims, which means that the end of the PPI fiasco is still far in sight.
However, in 1997, the windfall gains of customers because of the de-mutualisation of building societies might happen similarly once all mis sold PPI is paid back. The de-mutualisation allowed Halifax to become a PLC in 1997 and allowed some 7.5 million customers to receive at least £1500 worth of shares. This strongly improved the economy with more car registrations and improved customer confidence.
Experts are seeing a decrease in car registrations in today’s economy, but from 2011, car registrations increased by 9.3% in 2012. However, the same might not happen as most people may use their PPI reclaim funds to repay their loans, mortgages and credit cards, which might slowly increase the economy, but not as well as 1997’s economic achievement.
For UK expats currently residing in Malta, reclaiming PPI is simple. Click here or visit http://www.ppiclaimbackco.co.uk and complete the quick and easy PPI claim form to get started.