The mis-selling of payment protection insurance by the banking industry
Payment protection insurance (PPI) has become the UK’s largest ever financial scandal, with almost £23.8bn already repaid and more than £33 billion already earmarked for further repayments.
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.
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 reject claims as only a small proportion of consumers would actually appeal to the FOS.
The banks listed on the right 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 21 of the largest companies with links to how they have been involved.