Magazine date:
Dec 2012 The supervisory authorities of British insurance (FSA) announced a dramatic increase in the number of complaints filed by individuals against the forced sale of insurance upon the attribution of bank loans. These sales were made on a large scale by banks that even resorted to the telephone to make subscriptions. The number of complaints has increased from 266 685 in the first quarter of 2010 to 2 232 294 in the first quarter of 2012.
This case could be costly for banks. Barclays, the institution most targeted by consumers, has increased its reserves by 700 million GBP (1 125 million USD) in October 2012, after having already provisioned 1.3 billion GBP (2 billion USD) in 2011.