This trade union branch notes bankers tend to see consumers as customers who can be “exploited” by layering on more fees. The consumer is simply an income stream and exploiting that is the purpose of the majority of banks.

Around £9 billion of Payment Protection Insurance (PPI) has been miss sold to people around the UK. There has been a complete lack of fairness in selling this product which is often to be found on consumers’ credit card, personal loan and mortgage accounts. However, most PPI policies are not sought out by consumers. In some cases, consumers claim to be unaware that they even have PPI insurance. Several high-profile companies have now been fined by the Financial Services Authority for the widespread miss-selling of Payment Protection Insurance. Consumer Group Which! Says some bank staff were on 87% commission for selling PPI.

Some members have turned to Claims management companies (CMC) with massive TV marketing campaigns to assist them. Hundreds of Claims management companies have been shut down in recent years by the Ministry of Justice. Most charge massive fees and some simply lack the competence and skill to bring claims to a successful conclusion. Some members have had limited success with the Financial Ombudsman service (FOS), but many members simply do not know how to proceed with claims and who to trust.

According to the respected Govan Law Centre (Glasgow) other financial products such as secured loans and pay day loans may also have been miss sold. It now emerges that even personal investments may have been sold by banks with misleading advice leading to financial losses for the poor consumer.
The banks themselves are actively lobbying the Financial Services Authority (FSA) to set a deadline for outstanding PPI claims of April 2014 . Banks are now fighting claims more than ever.

Time for Actionis Now

This Branch hearby passes a resolution ( sometimes called a motion) which if agreed by the majority of people at the meeting will be submitted to the RMT Council of Executives for its consideration.

We instruct the RMT General Secretary and RMT Council of Executives to carry out due diligence on Solicitors and other legal professionals who are the relevant skills, competence and capability to bring financial mis selling claims on behalf of all members. This must include the mis selling of all financial products and services including PPI, insurance, life assurance, investments or pensions.

We instruct the RMT General Secretary and RMT Council of Executives only to appoint legal professionals who can operate on a Conditional Fee Agreement and claim all associated costs involved from the banks. A Conditional Fee Agreement (CFT) is a legal contract between solicitor and the Claimant where the solicitor works on a "no win no fee" basis.

We instruct the RMT General Secretary and RMT Council of Executives to only instruct solicitors who have the capability to claim the full compound interest (at the contractual rate) for our members to ensure they receive the full compensation they are legally entitled to. In most legal cases the courts will only award compenation interest at a standard 8%. On many consumer contracts the interest paid by consumers to banks is much higher

We instruct the RMT General Secretary and RMT Council of Executives to retain such financial miss-selling solicitors and other legal professionals for the benefit of all members nationally.

We instruct the General Secretary to build an effective platform and foundation to resist the damaging measures imposed by the Big Banks on consumers that are damaging the very fabric of our society in Great Britain.

We will never be on our knees to the Big Banks- Unity is Strength