Top 10 op risks 2015: mis-selling
The fourth in our series of top operational risks for 2015 looks at mis-selling and product mis-design. The focus on banks' responsibility to treat customers fairly makes mis-selling and mis-design a key risk area for 2015 and beyond
Now nearing the end of its fourth year, the UK's payment protection insurance (PPI) mis-selling scandal continues to roll on, costing the country's banks and insurance providers more than £300 million a month in compensation payments to their victims. It's not alone; other mis-selling cases have reached the compensation stage as well, though none are on the same scale as the unprecedented cost of PPI.
Small businesses in the UK were mis-sold interest rate
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