>>PPI
Yes, thieving idiots, but was there mens rea? I'm not convinced. No one has been prosecuted and I'm sure the FCA would instigate a prosecution if appropriate.
As an indicator, my employer found that we had got the interest rate wrong on a huge number of accounts over an extended period. The actual percentage was quite small but the contracts said we will lend at base x + y% but used base z + y%. Someone had just selected the wrong option on the rates list.
The only data for all the balances was end of day reports in PDF, millions of lines of data. Armed with a PDF converter and the correct rates we refunded everyone who overpaid interest and swallowed the loss on anyone who underpaid interest. This was done the day after we realised and I was involved with getting the data together so we could refund customers.
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