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 £12.9 billion being paid out.
But there are billions more to be paid with a further £7 billion already set aside for future successful claims and predictions that the final bill could go as high as £25 billion.
Gladstone Brookes has an 89%‡ 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.
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.
The FOS figures show that overall an average of 56% of PPI claims 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 below 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.