In case you missed it, today is the final deadline to file any claims for PPI related compensation claims. The amounts paid to-date (£36bn) indicate the wide scope of this mis-selling scandal and the large number of firms and products affected. Unfortunately, this has also resulted in a huge new unregulated industry of claims handling firms set up to do no more than fill a few forms in return for a significant share of the payouts. Their cold calling phone calls and emails will not be missed. The PPI scandal may be unique in terms of the amounts paid out but is no different from many other previous and future mis-selling incidents. On the basis that most banking staff are honest and have integrity, one must look closely at the whole conduct risk framework to assess why it happened across so many firms and products. Its easy to blame the “culture” in such cases. However, one needs to look at basic drivers of such behaviour including the sales incentives, commission targets, bonus pools etc. Senior management may indeed set the right tone from the top but mis-selling happens many layers below them. Middle management needs to be incentivised for best customer outcomes as opposed to highest sales achieved, if this cycle is to end. Is this really happening?