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 £24.8bn 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


How high will the PPI bill go?

When news started to break about the mass mis-selling of PPI by many of Britain’s lenders, a tentative estimate for the whole bill was given as between £3 billion and £4 billion. Now it would be a brave person who would give an estimate of the final cost of what has grown into the biggest […]
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RBS could be facing a new $13 billion US fine

Royal Bank Of Scotland (RBS) could be facing a fine of up to $13 billion (£10 billion) from US regulators for its part in the American sub prime mortgage crash which triggered the 2008 global financial crisis. Germany’s Deutsche Bank has just been fined a similar amount by the US Department Of Justice (DOJ) and […]
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