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Banks must win back customer trust, says Moneynet

Published: 09/05/2011

The UK's high street banks need to win back customer trust after the payment protection insurance (PPI) scandal, Moneynet has said. 

It has been announced that the British Bankers' Association will not appeal its fight on the mis-selling of PPI after losing a court challenge.

Today (May 9th), Barclays said it has set aside £1 billion to pay PPI compensation after Lloyds Banking Group said last week that it has a pot of £3.2 billion for payouts.

Banks will review each case and notify customers if they have been mis-sold PPI, although people who feel they are entitled to compensation can still get in touch with their bank.

Now the banks have backed down, Andrew Hagger from Moneynet said that banks must now ensure customers are compensated "promptly and without fuss".

Noting that the scandal has tarnished the reputation of the banks, he added: "It's time to draw a line under this sorry saga and for the banks to win back customer trust by concentrating on delivering consistently high levels of service and moving away from the pushy sales culture."

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Last Updated: 11-02-2012