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HSBC PPI Claims – The Story

HSBC, formally known as The Hong Kong and Shanghai Banking Corporation, was founded on March 3rd in 1865 by a Scotsman called Sir Thomas Sutherland in the British Colony of Hong Kong. It relocated it’s headquarters from Hong Kong to London in 1993 during the period that Hong Kong’s sovereignty switched from the UK to China.

HSBC is now the world’s second largest bank, with 6,600 offices spread across 80 countries in Asia, Africa, Europe and North and South America and has 125 million customers alone.

Divisions

HSBC has consistently acquired smaller banks over the course of the last few decades. Possibly two of the banks we in the UK may be most familiar with would be Household Finance Corporation (HFC), and First Direct.

First Direct

First Direct is an internet and telephone banking company with it’s headquarters in Leeds, offering current accounts and loans.

In 2004 First Direct introduced ‘First Directory’ to their customers, a system where services would be added to current accounts including such things as annual travel insurance and mobile phone insurance, for a fixed monthly charge. This is now commonly known as a Packaged Bank Account.

First Direct have consistently been voted for as the bank with the best levels of customer service. However, this could all be about to change as mis-sold Packaged Bank Account claims increase as they are doing at a rapid rate. Check to see if you may qualify to make a claim if you pay a monthly fee for your account.

Household Finance Corporation

HFC are one of the major players in offering consumer loans and store credit.

On the 16th of January 2008 HSBC owned division Household Finance Corporation (HFC) were fined £1.09 million due to treating the customers unfairly when selling Payment Protection Insurance (PPI). The regulator said that between 2005 and 2007 HFC sold PPI with 75% of loans, exposing 163,332** customers to paying for PPI without consenting to.

Scandals

HSBC has played its fair part in the recent, and not so recent, scandals that have swamped the United Kingdom, with HSBC PPI claims reaching the millions since it was discovered they’d mis-sold Payment Protection Insurance and Packaged Bank Accounts, something which HSBC suspended sales of earlier this year.

In 2011 the Financial Services Authority (FSA) issued their largest fine at the time to HSBC because they had been offering inappropriate investment advice to their elderly customers. The £10.5 millions fine was issued due to advice given to 2,485 customers, some of whom were left with no investments. HSBC estimated the compensation pay out would reach approximately £30 million.

British Multinational bank Corporation HSBC were been fined £1.9 BILLION in 2012, as they had reportedly failed to prevent Mexican drug lords and cartels laundering money through their bank accounts. Would you feel comfortable banking with such people?

Stand Up!

Could you have been mis-sold PPI or a Packaged Bank account by HSBC, First Direct or HFC? Millions have.

With our NO WIN NO FEE* service you can rest assured that it’s in our best interest to do all we can in order to secure you an offer of compensation.

Moreover, we deal with you claim from first to last, every step of the way. From checking whether you’ve had PPI by obtaining information from HCBC regarding all of your accounts via our fast-track system, to seeing whether you may qualify. We then deal with your bank or lender every step of the way so you can sit back and relax, knowing we are working on your case, using our professional expert team.

So, don’t delay, make your claim today.

 

 

HSBC PPI Claims

HSBC PPI Claims

About the author

Daniel Lee

Company Director

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