The Great Bank Robbery

While no one will deny that some sales of Payment Protection Insurance (PPI) were not in the customer's best interest (and even that statement is debatable) it is obvious that the UK banking industry is the subject of a populist witch hunt. Intelligent people are not forced to buy any product and in the case of PPI no one can argue that he was 'mis-sold' the product unless he actually tried to claim a payout and was denied compensation in an unfair fashion. There could be an argument about the premium paid but even that can never be reason for a blanket call for compensation as this could lead to the end of a free market system where every purchase could lead to a compensation claim later on if applied in a general fashion. Is this the way to run a banking system? or an economy? No wonder there are serious commentators who predict that the UK will be a Third World Economy by 2014.