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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 £20bn 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 68% 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

HSBC adds £58 million to the PPI pot

HSBC has announced an additional £58 million to its PPI provision ‘reflecting higher than expected levels of inbound complaints.’ Their half year report adds that they expect a further 300,000 complaints in future, but that figure did not include potential new claims generated by the Plevin case of 2014.
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Packaged bank accounts – the new PPI?

The news that three of Britain’s top banks have set aside almost £⅔ billion to pay compensation for mis-sold packaged bank accounts has prompted the question ‘could this be the next PPI?’ Barclays (£250 million), Royal Bank Of Scotland (£307 million) and Lloyds Banking Group (£175 million) appear to be gearing up to pay some […]
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