New TSB Bank Promises To Change Industry After PPI, Financial Scandals

UK’s newest financial institution said that it wants to “play fair” with customers and change the public perception of banks once and for all. According to the bank’s Chief, Paul Pester, TSB sets out a vision that will revolutionize the image of the banker through the systems that ensure fairness on both sides.

According to Mr. Pester, the UK’s banks had spent six years making headlines. I would agree with him on this one. It had been almost half a decade since the Financial Services Authority and the consumer group Which? had found out about mis-sold payment protection insurance. Thereafter, millions of consumers made their PPI claim against their respective banks, and the process moved slowly because banks “dragged their feet”, as ex-FOS Chief Ombudsman Natalie Ceeney would say.

Mr. Pester said that even if banks and lenders are trying their best to fix the problem, if their basic systems are still found in the same root, then they can never convince people that they have indeed, changed.

He said that TSB has a chance because it will begin with a clean slate. Mr. Pester and his team interviewed many consumers to know what the public wants from their banks. The team found that they just did not want any of the “funny stuff” that caused several financial disasters in the UK.

According to him, TSB, along with other banks, have a moral responsibility to make decisions for the advantage of local communities and economies. He pointed out that banks and financial institutions have become more greedy for profit. Mr. Pester said that customers just want to have their money and not go through a lengthy process with lots of ‘catches’ to get it.