The laudable cause of protecting the home buyer, those that have not already been victim to the world financial conflagration, has been misused by the banking industry.
With their already established complicity in the international financial meltdown of the recent past, one might grow to question the integrity of those in charge of the field. Where there is a lot of money, corruption is almost assuredly to follow.
The banks, failing here and failing there, are still essential to society at large. Many watchdogs are in place but hey are sleeping on the job. PPI, the much needed protection for the home buyer, must continue in some form, with upgraded oversight by those already being paid to do the job. A slap on the wrist and going to sleep less their milk and cookies later will repair the program and reboot consumer confidence in real estate. Greater accountability is the byword.
The Financial Ombudsman Service, along with the Association of British Insurers must work together with the banking industry and re-establish fair and appropriate selling practices. How commissions are awarded, if any, for selling the plan to home buyers must be thoroughly scrutinized to verify that ethical sales practices are being followed from the banking managers on down to the banking associates in the trenches.
