Banks fined for PPI misselling
The current opportunity for consumers to reclaim payments protection insurance from financial institutions follows on from a number of big companies being fined for treating customers unfairly in the selling of PPI. These fines were mmainly issued in 2007 and 2008 by the Financial Service Authority and reflect the scale of failure by financial services providers.
Even if your bank or building society were not investigated and fined, it may well be that they followed the same industry practices as those who were and so a claim for PPI refund may well succeed.
- Alliance and Leicester received the biggest of all fines for mi-selling PPI through their telesales. The company received a record fine of £7,000,000 in 2008. The FSA said “The failings at A&L are the most serious we have found” The bank have been taken over by Santander and so you should contact them for Alliance and Leicester PPI Claims
- Liverpool and Victoria were fined £840,000 in 2008 for serious mis-selling of PPI on telephone loans in the previous three years.
- Capital One Bank were fined £175,000 for failing to provide customers with important PPI information about loans and credit cards.
- Loans.co.uk was fined over £400,000 for not have suitable systems in place to prevent mis-selling of PPI.
- Swinton was fined over £750,000 for unacceptably high non-compliant sales on motor and home insurance cover PPI.
- Land of Leather was fined more than £200,000 for allowing it’s staff to sell PPI without adequate training or supervision.