city of london

The mis-selling of Payment Protection Insurance by the banking industry

Payment protection Insurance (PPI) has been mis-sold on an epic scale by the UK banking industry for more than a decade.

It has been so widely mis-sold that millions of PPI claims have already been successful with almost £16.9bn being paid out.

Billions more

But there are billions more to be paid with a further £7 billion already set aside for future successful claims. Gladstone Brookes has a 90% success rate with reclaiming PPI for our clients and believe we have the skill, experience and expertise to handle your claim in the best possible manner.

FCA Investigation

A number of banks and financial institutions have been fined in the past over the way in which they have handled PPI claims from their customers and months of delays in paying out compensation once cases have been successful.

After the Financial Ombudsman Service (FOS) expressed concern about the level of claims being unfairly rejected, the UK banking regulator – The Financial Conduct Authority (FCA) – decided to investigate the whole claims handling process throughout the industry.

Wrongly rejected

The FOS figures show that overall an average of 65% of PPI claims referred to them had been wrongly rejected.

Financial observers have estimated that only 20% of rejected claims make it to FOS because consumers mistakenly believe that if a claim is rejected there’s nothing else they can do. An undercover operation by The Times newspaper found that Lloyds Banking Group staff were told that if they rejected claims in the first instance only a small proportion of consumers would actually appeal the case to FOS. It is understood that these allegations also form part of the FCA’s investigation.

The banks listed on the right are not the only ones we deal with

Reclaiming PPI is not restricted to the banks listed below as it was widely mis-sold across the industry for the past decade and more. However, we have listed 21 of the largest companies with links to how they have been involved.

Latest News

Merry Christmas from Gladstone Brookes

To bring our year of giving to a close, Santa’s little helpers from Gladstone Brookes went on a high speed trolley dash around Toys’R’Us to scoop up £1,000 worth of new toys which will be donated to under-privileged children this Christmas. Three teams of elves were in competition with each other to see who could […]
Read More

Co-op Bank fails Bank Of England stress tests

The troubled Co-op Bank has failed a series of tests to see if it could withstand another serious financial crisis. Eight UK banks and building societies were tested by the Prudential Regulation Authority (PRA) which is part of the Bank Of England. At risk Barclays, HSBC, Santander, Standard Chartered and Nationwide all passed the tests.  […]
Read More