In 2006 The Financial Services Authority (FSA) and The Office of Fair Trading (OFT) investigated the payment protection insurance industry. They discovered widespread failings in the way the policies were being sold and a general failure by lenders to safeguard customers from mis-selling. The investigations revealed that millions of customers may have been the victim of unfair PPI sales.
As a result of the FSA and OFT investigations many lenders and brokers were handed significant fines and this opened the door for unhappy customers to make a claim. Below is a list of just some of the lenders who were found to have allowed unfair PPI sales to take place and the fines they were given.
Alliance & Leicester - Fined 7 million for failures relating to telephone sales between January 2005 and December 2007.
Capital One - Fined £175,000 for failing to ensure 50,000 customers sold PPI policies, between January 2005 and April 2006, were provided with policy information.
Egg - Fined £721,000 for failures in the sale of credit card PPI via telephone between January 2005 and December 2007.
GE Capital Bank Ltd (store card provider for Topshop, Debenhams and Asda) - Fined £610,000 for inappropriate sales of its cards.
HFC Bank, also trading as 'Household Bank' and 'Beneficial Finance' - Fined £1,085,000 in relation to in branch sales between January 2005 and May 2007. It was found the bank had put its customers at an unacceptable risk of being sold an unfair PPI policy.
Land of Leather - Fined £210,000 for allowing its sales team to sell PPI policies without effective training or monitoring between May 2006 and February 2007.
Liverpool Victoria - Fined £840,000 for serious failings relating to telephone PPI sales between 14th January 2005 and 8th of August 2007.
Loans.co.uk - Fined £455,000 for failure to have appropriate measures in place to minimise the risk of unfair PPI sales.
Already 1.5 million customers have stepped forward and it is thought tens of thousands of people are still eligible to make a complaint. If you believe you were mis-sold an unfair PPI policy then you could start your claim today. Our average customer receives £2,500 and you could receive your money in just 8 weeks.
If you are not sure whether you can make a claim, take a look at our unfair PPI check list below.
- Were you told you had to have the cover?
- Were you told taking out the cover would improve your chance of being given the loan?
- Was the policy added without your knowledge?
- Was the policy added without the costs, terms or conditions being fully explained?
- Was the policy sold to you even though your circumstances made you unsuitable? E.g. Were you unemployed, retired or in full time education? Were you aged 65 or over? Or were you suffering from a pre-existing medical condition?
If you are still unsure whether you were sold an unfair PPI policy call our customer care team on 0207 471 2000.
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