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Bank fines and compensation payments at staggering levels

Since the financial crises took hold around 6 years ago there appears to have been scandal after scandal involving the banking industry.

The Guardian has today issued some staggering figures regarding just how much bank fines and compensation payments have been made by the major banks in this time.

A headline figure of £166 BILLION appears huge, and when broken down it still remains a phenomenal £76 MILLION per day on average.

However, when banks are reporting global profits of £583 BILLION in the last year it’s hardly the biggest deterrent.

Big scandals

The most recent scandal to break was just yesterday when banks were fined for their part in rigging the £3 TRILLION a day foreign exchange market.

Prior to that we’ve had the manipulation of LIBOR, which determines the interest rates to which countless credit agreements are set to.

Add to that mix, Money Laundering with Mexican drug barons, dealing with rogue states that are under international sanctions, selling toxic bonds and securities, fixing gold prices and the list goes on.

Would any other industry or business be allowed to continue following such behaviour?

The banking industry appears to be a law unto themselves, and governments and regulators across the globe are too scared to act properly.

The UK scandals

Closer to home, although we have all been affected by the scandals above, mainly indirectly, almost all of us will have felt the force of the greed of the banks directly.

The biggest financial scandal ever to hit the UK is the huge PPI mis-selling scandal.

With 34 million policies worth £50 BILLION sold, it’s safe to say that this still has a long way before the estimated 7 million who haven’t yet staked a claim do so, and they are paid what is owed to them.

Moving on from PPI and there is a new scandal in town, the Packaged Bank Account mis-selling scandal.

Again, affecting more than 1 in 5, and estimated to be worth £BILLIONS, this is going to be the next big news.

Do you have a claim?

Not sure whether you’ve been sold PPI? Our fast and comprehensive checking systems that have been set up with almost all banks, allows you to find out whether you’ve been one of the millions who have had PPI.

Not sure whether you qualify for PPI compensation? Check here to see whether you may.

Want to know how much you may be owed? Why not try our PPI calculator.

Do you pay a monthly fee fore your bank account? Check here to see whether you may qualify for compensation.

So….how do you start your claim?

#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your PPI claim.

#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.

Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.

So….why wait, let’s get started!

Bank fines and compensation

Bank fines and compensation

About the author

Daniel Lee

Company Director

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