city of London - PPI banks

The mis-selling of payment protection insurance by the banking industry

Payment protection insurance (PPI) has become one of the UK’s largest ever financial scandals, with £25bn already repaid.

FCA Investigation

Many banks and financial institutions have been fined for poor handling of PPI claims which left customers waiting months for repayments or being unfairly rejected.

After the Financial Ombudsman Service (FOS) expressed concerns, the Financial Conduct Authority (FCA) began an investigation.

Wrongly rejected

Figures from the FOS show an average of 69% of PPI claims referred to them had been wrongly rejected.

Only 20% of rejected claims are estimated to make it to the FOS because consumers mistakenly believe there are no options after an unsuccessful claim.

An undercover operation by The Times newspaper found that Lloyds Banking Group staff were encouraged to reject claims as only a small proportion of consumers would actually appeal to the FOS.

The lenders listed on this page are not the only ones we deal with

PPI was widely mis-sold across the industry. As well as the big banks, we have listed some of the largest companies with links to how they have been involved. You can view the complete list of lenders we deal with here.


Latest Bank News

Lloyds adds another £1 billion for PPI

Lloyds Banking Group (LBG) has added another £1 billion to its PPI compensation pot in its third quarter figures. This brings the total set aside to pay successful claims to £17.025 billion since January 2011 when figures first started to be collated.
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Barclays add another £600 million for PPI

Barclays has become the third UK bank in 24 hours to make a £multi-million increase to its PPI provision. The day after Lloyds added £1 billion and Santander topped up its own pot by £30 million, Barclays has added £600 million to its own compensation fund – and they may not be done yet.
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