So there we have it yet again, the Banks have been caught out and have clung on to a view that they are untouchable and can do what they like by appealing and fighting the regulator, customers and the Courts over their dishonest selling of products that many did not even know they were paying for.
Of the 200,000 complaints received by the Ombudsman over miss selling allegations regarding Payment Protection Insurance, 3 out of every 4 were upheld against the Banks.
This is a damming situation and finally the Banks have capitulated and agreed that they have been miss selling products and will give compensation to those who have been miss sold. This could involve as many as 3 million people.
Were talking about a potential of around £6 billion being put aside by Banks for the losses they will incur when paying out compensation. This is enormous.
The only reason this is not considered the biggest banking fraud of the 21st Century is because we have been dealing with such large losses, disgraceful behaviour and dishonesty by the banking industry over the last 4 years, that we no longer blink an eyelid after hearing banks are having to put aside £6 billion.
The culture of the banking industry is still bumping along the bottom of the cesspit in the way it deals with customers and the way they see their industry within the economy and society as a whole.
Yet, there is a wider problem of discourse and stupidity. There are still people, even today, stating that the problems with our financial system is that we have too much regulation. These people are simply ridiculous, however, it is these voices are are still driving the narrative of economic policy in this country.
Is this another example of the Banking industry not learning vital lessons, or Leopards never changing their spots? Or is this one small step towards the Banks accepting their responsibility for the disgraceful behaviour shown by the Banks over the past 15 years.
Only time will tell, but at the moment I would bank on the former rather than the latter. (no pun intended!!)