Banks


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 £24.5bn 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 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


Co-op Bank sets aside another £33.5 million for PPI

The Co-operative Bank has become the latest UK bank to upgrade its PPI compensation provision. Publishing its half year figures, the bank says it decided on the increase because of the possible increase in new PPI claims when the Financial Conduct Authority (FCA) confirms the start date of the proposed deadline on PPI claims.
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Only months left for some to make a PPI claim

Consumers are being warned that for some of them there are only a few months left in which to make a claim for mis-sold PPI before they lose the right forever. With millions of pounds a month still being paid out by the UK banking industry recent attention has been focused on the blanket PPI […]
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