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 £25.3bn 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 fails all six stress tests

Royal Bank Of Scotland (RBS) has failed all six of this year’s Bank Of England stress tests and has had to draw up a new £2 billion capital plan for its future. The bank was the only one of seven tested to fail all six. Both Barclays and Standard Chartered failed one measure, but the […]
Read More

Bradford & Bingley battle heats up

The battle to buy the £16 billion loan book for the former Bradford & Bingley is heating up with the government receiving inquiries from more than 50 financial service companies. UK Asset Resolution (UKAR), the quango handling the sale of the nationalised assets, says the firms have all signed up for information memorandums on the […]
Read More