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 £25.5bn 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

RBS monster fine could be over $10 billion

Royal Bank Of Scotland (RBS) is facing a fine from the American Justice Department (DOJ)which could cost it more than $10 billion. The bank is one of the last to settle with the US authorities over its role in the mis-selling scandal which was at the very heart of the 2008 financial crisis.
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FCA pays over £400,000 for proposed PPI deadline ad brief

The Financial Conduct Authority (FCA)has signalled its commitment to a future PPI claims deadline by paying one of Britain’s top advertising agencies more than £400,000 for ‘campaign strategy and creative development work undertaken.’ The payment is the first step in advertising the proposed PPI deadline which the regulator is expected to schedule for June 2019.
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