PPI Foul-Play Reprimand For EGG
Thursday 11 December 2008
The gallinaceous online bank ‘Egg’ has been fined to the tune of £721,000. And why? Because they underhandedly sold PPI to their customers in a bid to be profligate, rapacious, avaricious, and mendacious.
Of course PPI or payment protection insurance is a good product when it isn’t being pedalled by the likes of Egg, but in such hands it often equates to exorbitant charges for people who are ineligible to make a claim from the product if they ever needed to do so.
It was down to the Financial Services Authority ~ yet again ~ to invoke chastisement to yet another financial institution ~ the men and women down there certainly do earn their scads, it would appear. They scratched the surface of the shell, and when it cracked they were subjected to some seriously foul smelling cash-coprolite.
Stuff like not informing 40% of their customers of vital clauses. A percentage blatantly pertaining to more than mere oversight. This is just what they’ve been up to in the last two years. It’s all well and good having adverts with anthropomorphic rodents in them, but not if you’re going to use it as an ostensibly benign façade, for the purpose of expunging peoples pockets.
It is now the task of Egg to write to the 106,000+ customers that they have rinsed, and pay them back in various amounts to the combined tune of £1.7489 million pounds.
Egg have been made the nineteenth company that the FSA have had to punish, and their director ~ one Margaret Beau Cole ~ spoke of her outrage by articulating her anger at the manner in which Egg had flagrantly administered a series of unscrupulous, arcane (were) sales techniques. one little trick was to charge people PPI even when they had stated vehemently that they did not want it.
Egg are bigging themselves up by way of saying how cooperative they have been with the FSA since they got caught out. Some plasticky, meaningless, hollow apologies have been issued to customers.