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The Spanish bank Santander is a relative new kid on the block in British banking, having established itself by taking over Alliance & Leicester, Abbey National and some parts of Bradford & Bingley.
As well as offering its own credit card, a large part of its business is administering store cards for a wide range of UK companies and PPI was sold across the board on them as well as loans, mortgages and credit cards.
As far back as October 2008 Alliance & Leicester were fined £7 million by the Financial Services Authority (FSA) for ‘serious failings’ in their telephone sales of PPI.
The FSA – the UK banking regulator at the time – said the company had not made it clear that PPI was optional and had actually trained its staff to put pressure on customers where they challenged the suitability of PPI or challenged the advisors’ recommendations.
Santander has set aside more than £1.5 billion to pay successful PPI claims of which more than £300 million remains to be paid for future successes before the PPI claims deadline on August 29th 2019.
How was PPI mis-sold?
If you took out a loan, credit card or mortgage with Santander, it is likely you were mis-sold PPI if you experienced any of the following:
- you were pressured into buying PPI or told you must have PPI
- you were promised a cheaper rate if you bought PPI
- you were already covered by another policy
- you received full sick pay from your employer
- you were told your loan or credit application was more likely to be accepted if you bought PPI
- PPI was added without telling you
- you were advised to buy PPI that did not suit your circumstances or needs
- you were self-employed, unemployed or retired but advised to buy PPI
- you had a pre-existing medical condition at the time of buying PPI, which may have affected your ability to make an insurance claim
- you were advised that a pre-existing medical condition was included in your PPI policy (or advised that it wasn’t included)
- it was not made clear that you would pay interest on the PPI if it was added to your loan
- it was not made clear that the PPI would end before the loan or credit was repaid
- the amount of commission paid on the sale was not revealed at the time