The payment protection insurance scandal has seriously damaged the reputation of the High Street banks. Many consumers have said they won’t trust these banks again for at least a decade. While many people are upset over the changes, few people recognise the full extent of the problems the banks have caused. Max Hastings of the Daily Mail recently called the bankers criminals for their role in the PPI and LIBOR scandals.
The payment protection insurance and LIBOR scandals have negatively weighed on the banks for a long time. Hastings and many other experts argue that banking employees broke a number of laws over the years. However, few bankers have ever been prosecuted.
The Occupy Wall Street protests originated in the United States in 2011, but quickly spread across the world. Not only have banks acted recklessly with trading mortgage backed securities and other financial instruments, but they have used PPI and other financial products to scam innocent people.Many people were irate that the bankers never faced justice for their actions. The Occupy protests have since died down, but the fury over the LIBOR and PPI scandals has not.
While most people feel the banks need to face criminal charges, the likelihood is very low. Prosecutors are pessimistic that they can meet the burden of proof. They will need much damning evidence then they currently have.
Hastings said that the Serious Fraud Office is not nearly as sharp as the criminals it prosecutes. This is one of the reasons that the conviction rate is so low. Many cases are dismissed due to lack of evidence or prosecutors’ inability to prove their case beyond a reasonable doubt.
The chance of a prosecution of the High Street banks seems slim to none. However, Hastings and other experts still feel that it is worth lobbying for. They point out that the PPI claims industry has caused substantial damage to the national economy. The banks have sustained billions of pounds in damages. Critics feel that they belong in prison rather than facing the possibility of a bailout.
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