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October 7, 2014 
Daniel Lee Lloyds Banking Group, which includes Halifax, Bank of Scotland and Black Horse amongst others, has admitted it has only received complaints on 40% of the total number of Payment Protection Insurance policies it has sold since 2001.
We cannot see any reason why this won’t be the same across the financial sector, with the likes of HSBC, Barclays, Santander and RBS/Natwest.
Following on from my previous blog regarding my calculation that approximately 7 million people have yet to make a PPI compensation claim, it appears the banking industry is hoping that the majority of people who have valid reason to complain do not come forward.
I think it’s fair to assume that the majority of those who have come forward so far to claim their PPI compensation were aware they had been sold PPI, but were mis-sold it based on the policy not being explained properly or were not aware the policy was entirely optional.
That still leaves an astonishing number of UK customers who have yet to stake their claim to what is rightfully theirs. It’s clear that one of the main reasons why so many haven’t yet claimed their compensation is due to the fact that lenders systematically added PPI to loans, mortgages, credit cards, store cards and hire purchase agreements without the knowledge of their customers.
With policies worth £50 billion sold since 2001, the banks and lenders have set their bar very low in assuming the final bill to the financial sector for the scandal will be around £25 billion. The message simply must get out to the UK population to check to see if you’ve had PPI. We believe that if you took credit out prior to 2010 you would be in a minority if you weren’t sold PPI. So…please don’t assume you haven’t had PPI, you may be very surprised.
If you have access to your credit agreement you may be able to check from that. However, it’s not always clear from first viewing. The majority of us won’t have access to credit agreements, especially if the loan, mortgage, card etc was taken out a long time ago. This is where Your Money Claim can assist.
With years of experience in the financial sector, Your Money Claim has set up fast-track systems with most major lenders whereby we can check whether you’ve been sold PPI in the first instance. With a few simple questions we’ll be able to see if you have a case. Then comes the tricky part, but it’s where our experts thrive, dealing with the banks and the tactics they may try to employ to try to wriggle out of paying the compensation. We deal with every step of the process, and nothing pleases us more than being able to contact our customers to advise them that we’ve beaten the banks again, and secured thousands, or even tens of thousands of pounds in compensation.
So why wait…start your claim today and who knows, you could soon be in receipt of the compensation you deserve.
PPI compensation
January 27, 2016 Daniel Lee Santander has followed suit with the rest of the major high street banks and added a significant amount to it’s already sky high PPI compensation fund.
Despite having to add a further £65 million to the Santander PPI bill it’s UK Chief Executive, Ana Botin, had the audacity to state she was happy with the banks financial figures. Further proof if needed that banks are only interested in trying to portray a positive picture for the financial markets.
This additional £65 million takes the overall Santander PPI bill, including it’s subsidiaries such as Alliance & Leicester and Abbey National, closer to the £1 BILLION mark.
Whilst this is smaller than the likes of Lloyds Group (including Halifax, Bank of Scotland and Black Horse to name a few), Barclays, HSBC and RBS/Natwest, it’s still an extraordinary figure in anyone’s books.
Santander is currently in the process of preparing the bank for a stock market flotation and can hardly afford for much bad news.
In what appears to be the next big mis-selling scandal, Santander like the rest of the major banks is bracing itself for a flurry of claims regarding Packaged Bank Accounts.
With an estimated 1 in 5 UK customers having a Packaged Bank Account, or Paid-For Bank Account as they are sometimes referred to, the general opinion of the banking sector is set for another huge kick in the teeth.
Whilst it’s clear bank account mis-selling will be the next big news, the biggest mis-selling scandal ever to hit the UK has a long way to go before it’s over.
We estimate that 7 million people have yet to make a PPI claim, with the majority of these completely unaware they have been sold PPI.
This is purely and simply down to banks and lenders hiding PPI policies within loans, mortgages, credit / store cards and hire purchase agreements without the knowledge of the customer due to the huge profits PPI generated for the financial sector.
Your Money Claim can check whether you’ve had PPI with our fast-track system, we can see whether you have a case for a mis-selling claim, we can deal with the banks on your behalf throughout the process and, best of all, we are used to beating the banks on a daily basis.
So why not contact us and start your PPI claim, or your Packaged Bank Account claim today?
Santander PPI bill
August 5, 2014 Daniel Lee Put simply, Libor (London Interbank Offered Rate) is an average interest rate calculated via submissions of interest rates by the big banks in the City. The Libor rate is used by the banks to set the cost of borrowing money from one another, and is more widely used as a benchmark to determine rates on loans around the world.
Scandals emerge when banks get greedy and try to rig the Libor rates to suit their own needs. There have been various different kinds of Libor scandal; this Lloyds misconduct is certainly not the first incident! In 2012, a former trader published an article in the Financial Times alleging that Libor manipulation had been common practice since 1991.
A month before the article was published, Barclays was forced to pay $453 million to American and British authorities in the light of allegations it had manipulated key interest rates between 2005 and 2009. In February 2013, Royal Bank of Scotland was fined £390 million by American and British regulators for its part in the Libor rigging scandal.
Good question. On the face of it, Lloyds is merely following in the footsteps of its fellow City firms in settling claims for Libor rigging. After all, this is the seventh joint penalty handed out by US and UK regulators in connection with Libor rigging.
However, under closer scrutiny Lloyds has managed to break new ground (or stoop to new lows). Following much talking and many probes, it was decided that a new independent regulator should administrate the Libor rate – in February 2014, ICE Benchmark Administration took the helm. This move was designed to tighten up regulation and increase transparency in the Libor benchmark setting process.
Unfortunately, yet hardly surprisingly, Lloyds found new ways to roll around in the mud. The Financial Conduct Authority stated that what set Lloyds apart from the previous Libor-riggers was its abuse of the government backed Special Liquidity Scheme.
The Special Liquidity Scheme was set up during the financial crisis by the Bank of England, offering super-cheap loans to troubled banks for a fee. Lloyds had the audacity to manipulate short term rates, thus reducing the fees payable for the super-cheap Bank of England loans that had been offered especially to try to help the impotent banks. I’m sure you’re as bemused as we are!
Lloyds won’t be too upset. Analysts at Deutsche Bank expected half-year profits to hit £3.48 billion after strong growth. This is certain to be undermined by the £218 million fine as well as a further £500 million provision for PPI claims but this is unlikely to see Lloyds Banking Group fall to its knees. The heavy damage to the firm’s reputation may be a bigger blow.
But, as suggested by ResPublica thinktank, bankers could always swear an oath not to rip off their customers…
Libor Scandal
October 7, 2014 Daniel Lee HSBC are widely expected to follow the likes of Lloyds, RBS and Barclays by adding to their ever increasing PPI compensation fund. The banks in general seem to be under-estimating the costs of the biggest financial scandal ever to hit the shores of the UK, almost on a quarterly basis. With the total bill now above £23 billion it’s clear that the banks have some way to go before they can finally lay this ghost to rest.
HSBC PPI bill is expected to be increased by a further £75 million, which although is much less than the likes of RBS/Natwest, Lloyds and Barclays recent additions, still takes the HSBC PPI bill over £2.2 billion.
With profits falling all does not appear to be well inside the walls of one of the UK’s biggest banks, which also owns First Direct and HFC.
It’s thought the bank is looking towards the asian market in an attempt to make up the short-falls and money set aside for such scandals in the UK and US.
Investors will undoubtedly be looking for progress from the bank in the second quarter but if you think that you may be owed money from being mis-sold PPI by HSBC, why not start your claim today and contribute to another decline in profits for the bank.
Banks continue to rely upon people who may have a valid claim not coming forward. We’ve estimated 7 million UK customers have yet to make a PPI claim, with one of the main reasons being that they are unaware they’ve been sold PPI in the first instance. Due to the obscene profits generated by banks when selling PPI, huge bonus incentives were offered to staff for selling the product. This inevitably led to illegal practises and tactics in adding PPI to loans, mortgages, credit cards, store cards and hire purchase agreements, including adding PPI without the knowledge of the customer.
Your Money Claim can carry out the checks using their fast track system, and Your Money Claim is used to beating the banks on a daily basis. So why not see if Your Money Claim can assist you.
HSBC PPI bill
September 18, 2014 Daniel Lee The next cock-up coming from the City is the mis-selling of packaged bank accounts. Some customers may even have packaged bank accounts without even really knowing whether they’re suitable, or indeed if they carry any benefits.
If you pay a monthly fee for your bank account in return for various bundled insurance policies, you have a packaged bank account. These accounts are sometimes referred to as ‘paid-for’ accounts. The insurance products vary and commonly include travel insurance, mobile phone insurance, breakdown cover and more.
Sometimes, the accounts come with other products or ‘perks’ such as preferential overdraft rates, or discounts of products and services from certain providers. Typically, packaged bank accounts cost between £5 and £30 per month.
For some people, these packaged accounts can be a useful way to access various insurance policies and keep them together neatly in one place. However, all too often customers are not made aware of the details and end up handing over money for something they don’t need and don’t want. The Financial Conduct Authority revealed bank staff have been incentivised to mis-sell packaged bank accounts to boost company profits.
As industry experts we’re confident packaged bank accounts will be the next big mis-selling scandal, and we’re equally confident we can win back the money that has been unfairly squeezed from unwitting consumers. If you have a useless packaged bank account, you’re part of a large club – it is estimated that 10 million people currently have a packaged bank account and the number keeps growing.
The Financial Ombudsman Service reported an increase in complaints from customers who did not know they had a packaged bank account and were unaware of how to access the ‘benefits’ for which they were paying. It is often not necessarily a case of whether or not a bank gave advice; it is a case of whether the advice was suitable and the customer was given enough information to make an informed decision independently.
Get in touch with experts. At Your Money Claim we have a proven track record when it comes to taking on the banks. We’re efficient and effective, and we’re passionate about results. Don’t take our word for it, take a look at our client testimonials! If you feel you’ve been made to pay for a packaged bank account we want to hear from you, get in touch via email, telephone or our live chat facility so we can begin to put things right for you.
Mis-sold Packaged Bank Account
