What can we Learn from the PPI scandal?

When things go wrong politicians immediately use one of the most overused sound bites: lessons must be learned. At £13bn and rising, The PPI (Payment Protection Insurance) mis-selling scandal has become one of the most expensive lessons that UK banks have ever had to learn. Whilst losing money is usually the only way banks learn to curb their behaviour, and consumer trust in banks at an all-time low, many hope that this is not the only lesson to come out of the PPI controversy. Nor should banks be the only ones needing to make changes in light of the scandal.