Chip and PIN

[Roger Hayter]

In message <E637FC5B-1304-4961-9389-1F0131681147@batten.eu.org>, Ian 
Batten <igb@batten.eu.org> writes
snip

>No-one was ``missold''.  They were greedy and bought financial products 
>they didn't understand.    That's a shame.  Maybe even the banks should 
>have spelt things out a bit more clearly (``investments may go down as 
>well as up, past performance is no guide to the future'').  But fraud? 
>What was it about ``repayment mortgage''  that you didn't understand?

A very large number of people at the lower end of the market, with 
perhaps marginal financial qualifications for a mortgage obtained one 
from an agent who did not give them an alternative to the (commission 
bearing) endowment.  Their sole source of information as to what was 
available was the mortgage broker (perhaps in their local bank or 
building society) and they accepted his or her advice at face value. 
These would also be the last people to realise that they had a case for 
compensation, after all the more sophisticated opportunists had claimed 
their rather undeserved pay outs,  until the banks were forced to write 
to them and explain to them how to complain.  I supposed you could blame 
them for not having gone to a better school and become more 
knowledgeable consumers.
-- 
Roger Hayter