city of London - PPI banks

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 £24.2bn 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 banks 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

£252 billion – staggering total of banks’ conduct costs

New research has revealed the staggering total of banks’ conduct costs over the last five years – £252 billion, racked up by the world’s largest 20 banks. The total for the UK has been calculated at £66.5 billion in payments for fines, customer compensation and legal costs.  This figure is almost 28% up on the […]
Read More

New boss at the FCA

Britain’s financial watchdog has a new boss – former head of the Bank Of England’s Prudential Regulation Authority, Andrew Bailey. He takes over the post at the head of the Financial Conduct Authority (FCA) from interim chief executive Tracey McDermott who is leaving the regulator for pastures new.
Read More