Misselling

If I train my spam filter in advance to reject any mention of “Payment Protection”, will I be spared a forthcoming wave of phishing spam?

Our Financial Services Authority – the ones who sat around playing with trivia while the banks printed money noone was ever going to make – are at it again.  They’ve found another misselling scandal (payment protection insurance) and want the banks to review all PPI customers – including those who are perfectly happy with it – and invite them to claim compensation.

You can be sure the phishers will be happier about this than the banks, and will be eagerly contacting a lot more people than the banks even know about.

Every time there’s a new misselling+compensation scandal, I get mildly irritated: I should’ve taken the carrot, enjoyed the benefits, with the backing of compensation.  They’re penalising the prudence that steered me away from, for example, Icesave’s market-beating interest rate on savings (which I avoided in 2005 because the risk of losing it seemed far too high).

Now if only they’d deal with our elephants in the room: historic pension promises and fantasyland mortgages.  If I’d taken that bubble-mortgage in 2005 I could be enjoying not one but two government bailouts right now (zero interest rates and SMI).  Instead, I’m just paying for them.  Grrrr ….

Posted on April 20, 2011, in uk. Bookmark the permalink. Leave a comment.

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