| PPI Scandal

PPI scandal

PPI, the word itself sends a shiver down the spines of many in the UK. It is undoubtedly one of the biggest financial scandals of all time. But could we have known about it if it weren’t for the media that acted like a vigilante in this scandal? Chances are you would have repaid the loan perfectly unaware that you had been duped into taking an insurance you did not need in the first place.

Media has played an extremely important role in the uncovering of this entire scandal. Right from letting people know what the banks were up to all these years to urging people to file a claim for compensation, we have many reasons to be thankful to the media. Possibly the banks will be cursing the media for those very reasons but for the common people it has brought back millions of hard earned money.

There was initially a lot of confusion regarding the scandal. Most of the victims didn’t even know that they had been mis-sold the insurance. They assumed it to be one of those mandatory insurances that people buy with air tickets. But the media began its investigation and as one story kept coming after the other the whole country got wind of how they had been cheated.

Even if you were mis-sold the insurance it would be really difficult to know how it was mis-sold to you. Now it wasn’t so easy to realise that a person had been mis-sold the insurance because of the way in which it had been mis-sold. There were various techniques the bank staff had used to slip this insurance policy into your bill. There could have been way too many cold calls, you could have been misled into believing that this policy is compulsory or it was included directly into the loan instalment without your knowledge.

Media ensured that every person who was potentially mis-sold the insurance realises that they too were a victim of this scandal. Until now there were not many efforts from the government’s end to spread awareness about this scandal.

The government, upon realising the scale at which this insurance had been mis-sold, decided to launch a £42mn campaign to spread awareness about the scandal. Arnold Schwarzenegger has been chosen to be the face of this campaign. The deadline for filing compensation claims has been set at June 2019. While there are some who are still awaiting justice, millions of victims have been compensated. How much of this would have been possible if it weren’t for the media?

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