Santander PPI Claims – The Story
Santander is a tree of multiple building societies’ and banks that have merged or been bought out over the years. Originally founded in 1857 in the town of Santander, Spain, it’s recent aggressive policy of growth has seen it become a big figure in todays banking world.
The danger of rapid expansion is that focus is set on profit and growth, and not on ensuring things are done compliantly, ethically or for the needs of it’s customers, which inevitably has resulted in fines and scandals, including the millions of Santander PPI claims that have been made.
Formed in 1944 following a merger between the Abbey Road Building Society and National Building Society, Abbey National as it became known was the first building society to demutualize, meaning it went from being owned by its members to a becoming a public limited company.
Bradford & Bingley
After a merger between Bradford Equitable Building Society and the Bingley Permanent Building Society in 1964 Bradford & Bingley Building Society was formed.
Alliance & Leicester
Alliance & Leicester had its roots firmly into Leicester Permanent Benefit Society since 1852. Leicester Permanent Benefit Society became Alliance & Leicester in 1985 following a merge with the Alliance Building Society.
Santander as it is today has definitely played a huge part in the recent UK and global scandals that have come to light in recent years. The biggest financial scandal ever to hit the UK, the mis-selling of Payment Protection Insurance (PPI), and the more recent Packaged Bank Accounts scandal have cost UK consumers in excess of £60 BILLION according to our stats.
With a far from clean record, Santander have never really been able to obtain the respect that Abbey, Bradford & Bingley and Alliance & Leicester once held. Indeed, between 2007 and 2010 Santander where ranked the high streets worst bank for customer service, in the J D Power UK Retail Banking Satisfaction Study.
That’s not to say that the banks that form part of the group have faired any better…
In 2005, Abbey was fined £800,000, for mis-handling mortgage endowment complaints raised by over 5,000 customers.
Alliance & Leicester had a bad year in 2008 due to being fined £7 MILLION for Payment Protection Insurance failings, as they did not consider the customer’s needs. This remains the largest fine handed out specifically for the mis-selling of PPI.
Santander’s past two years have been particularly bad for their ever decreasing levels of trust by it’s customers. In 2012 they were fined £1.5 MILLION for failing to clarify Financial Service Compensation Scheme (FSCS) on structured products.
Only this year in March, Santander have been caught out in another scheme, they were fined £12.4 MILLION as they failed to advise customers suitably and failed to ensure that their financial promotions where correct and the customers understood them and they were not mis-leading.
When will they learn?
Get your Santander PPI Claims Form Today
With all the fines Santander and it’s subsidiaries have had to pay out over the years, it’s somewhat unsurprising they’ve set aside almost £1 BILLION for compensation for Santander PPI claims by those who have been immorally sold PPI policies they didn’t need, want, ask for or even know they had.
With numerous Santander PPI claims still on-going Santander are continuously being haunted by their bad past. Furthermore, with an estimated 7 million people yet to stake their claim, it’s clear the bill will continue to rise.
As Santander have previously been voted the worst bank to handle customer service, would you feel comfortable with dealing with their customer service department? Your Money Claim will take the stress and hassle away for you by dealing with Santander throughout the entire claims process.
Start your Santander PPI claim today with the industry experts. Our No Win No Fee* policy insists that you get the best experience possible in claiming your compensation. Furthermore, our claims form takes less than two minutes to complete.
So why not start you claim today.