Banks risk outrage on PPI challenge
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This is one battle that has already been lost. The moral high ground has been stormed by Which? and others.
To launch a counter-offensive now will only result in further damage to these banks and the financial services industry in the eyes of the public.
And the people scorned are a dangerous beast indeed. You only have to look at the furore over the treatment of Gurkhas and the row over MPs' expenses. The sense of outrage over these events is palpable.
The public has always been ready to forgive the genuinely contrite for their mistakes. But it takes a dim view of those with deep pockets who attempt to defend what they regard as morally suspect.
The CC ruling on a seven-day cooling-off period from the time a loan or credit card is agreed and protection insurance sold was made in the public interest following an outcry over possible mis-selling of policies by commission-hungry staff. This seems a good and necessary compromise.
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