PPI was frequently (but not wholly) sold to parties who had little or no use for it. The fact that massive levels of dishonesty were being perpetrated was ignored for many years - banks profits and bankers' bonuses were engorged as a result.
The PPI scandal (mis-selling is not the correct word for a large part of it) was going on for too many years for it not to be know about at all levels of the banks. In allowing to go on there is at least an argument that there has been consipracy to defraud by senior management in conjuction with their own banks. This would not be an easy prosecution - but even an investigation of serious degree will really make those involved and those now involved realise that they cannot escape the full attention of the law. At present the contrary is believed - namely the banks are too big to fail and bankers too powerful to be prosecuted. We really must make the effort and try to get the senior perpetrators.
This resolution states:
PPI has cost the tax payer perhaps ten billion pounds
No criminal investigation has been conducted
No one has been prosecuted
The SFO has indicated it does not wish to examine the issues
Such a major failure merits a proper criminal investigation
Even if ultimately the investigation fails it will signal intent to pursue white collar criminals as far as can be done when they steal from the public
We therefore call for proper resources to be made available to investigate PPI and where there are associated conspiracies to defraud.