It is a shame the Financial Services Authority took so long to deal with incentive schemes that encouraged sales staff to sell payment protection insurance (PPI) and other risky products, a Guardian editorial has said.The newspaper pointed out that a member of the public could enter a bank and exit with a "hideously complicated financial product that he didn't need and that could end up costing him thousands".While "useless" loan or credit card payment protection insurance is now in the public's eye, misselling also happened on mortgages and investments, it added.This behaviour is not a recent occurrence or accidental but is instead "entrenched and vastly profitable" for banks, the editorial stated.It pointed out that the newspaper first began discussing the PPI scandal in 2004, with a series of articles by Colin Cottell and Phillip Inman arguing that this insurance was an exceptionally good way for the banking industry to make money.The PPI "scam" is set to result in billions of pounds of bank refunds, the Guardian stated, suggesting that the system "needs to be reformed - and fast".John Fieldman Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
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