Read first-hand the findings of the UK Parliament‘s Public Accounts Committee (PAC). The PAC is disappointed that claims management companies have made up to £5 billion from payment protection insurance claims, out of compensation that should have been paid to victims of mis-selling by financial services firms. It concludes that government departments and regulators have been far too passive in allowing this to happen.
Source: Action needed now to protect taxpayers from further mis-selling – News from Parliament – UK Parliament
Thank goodness for the Public Accounts Committee to protect individuals from overzealous politicians and bungling bureaucrats. BUT when the UK returns a right-wing government, led by Boris Johnson, I sense that the checks and balances, like the PAC will be dismantled or rendered powerless. Right wing populists, like Johnson, Trump and Le Pen, are not interested in the truth and reality. See Jonathan Freedland‘s excellent article in the Guardian.
As somebody who suffered financial loss from the Equitable Life collapse, I am deeply suspicious of the control of the financial services industry.