LONDON, UNITED KINGDOM--(Marketwire - Nov 12, 2012) - Paul Fakley from iSmart commented: "Once again at results time we see chief executives of our major banks looking to deflect blame for their spiralling PPI provisions on the claims management industry: when the truth is that they have no-one to blame but themselves. They are to blame for the astronomic scale of mis-selling of PPI. And they are to blame for dragging out the process by dismissing huge numbers of valid claims, only for the ombudsman to rule in the customers'' favour. Even the ombudsman now agrees the banks are the architects of their own demise.
"What the numbers say is clear: PPI is set to become the biggest mis-selling scandal in British banking history. Rather than passing the hat around looking for help with the costs of handling PPI claims, or accusing innocent consumers of fraud for simply asking if they had a claim, they should stop this spurious nonsense and take responsibility for the billions they have taken from consumers whose only mistake was to trust their bank."