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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 £17.7bn 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 91% 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

Lloyds set aside another £700 million for PPI

Lloyds Banking Group (LBG) has set aside another £700 million for future successful PPI claims bringing their total provision for 2014 alone to £2.2 billion. The group is by far and away the leader in the compensation stakes at £12 billion, around half of the £24 billion earmarked by the banking industry so far.  They […]
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RBS sets aside another £400 million for mis-sold PPI

Royal Bank Of Scotland (RBS) has set aside another £400 million to pay out future successful PPI claims – just part of the £3.5 billion loss announced in their annual figures. The PPI provision is included in the £2.2 billion the bank has set aside for ‘litigation and conduct costs’.  It also includes £320 million […]
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