An Insight: Abbey PPI Claims
A UK based bank and former building society, Abbey National’s history goes way back to 1874 when the Abbey Road & St. John’s Wood Permanent Benefit Building Society was founded and was based on Abbey Road in Kilburn.
The society moved to a new headquarters in 1932 when they took up residence in abbey House at 219-229 Baker Street which they occupied until 2002.
An interesting fact is that Abbey employed a secretary whose sole job was to answer the mail that was sent to the address for Sherlock Holmes. This is because his fictional address was of course, 221B Baker Street.
Modern History and Technology
The Abbey National Building Society was actually formed in 1944 when Abbey Road Building Society and the National Building Society merged. During the 1970s and 80s, Abbey National gained a reputation for innovation.
Abbey National was a very early user of computer systems and in the late 1970s, all of their branches moved on-line to a real-time system which maintained customer accounts. Under their Chief General Manager, Clive Thornton they introduced a new cheque account and a new type of savings account.
In July 2004, Abbey National plc and Banco Santander Central Hispano announced that they had reached an agreement on the terms of a recommended acquisition by Santander of Abbey. The deal was approved by the courts and Abbey became a part of the Santander group on November 12th 2004.
Fines and Troubles
Abbey were fined £800,000 in 2005 for throwing out complaints from customers who should have received compensation after they were found to have been mishandling mortgage endowment complaints.
Another huge scandal hit not only Abbey, but the whole of the banking industry, is the mis-selling of Payment Protection Insurance. As part of the Santander Group, Abbey PPI claims equate to a significant percentage of the £1+ billion currently set aside by Santander to cover their costs for compensating customers. This bill continues to rise regularly when Santander release their figures to the city.
It couldn’t be simpler for you to launch your Abbey PPI claim with us today.
As Abbey were responsible for 6% of the PPI market and there were over 34 million PPI policies sold, that’s over 2,000,000 Abbey customers who could be owed.
In order to start the ball rolling, so to speak, you simply have to complete the online form to the right of the page and we’ll send you our PPI form out. It takes no longer than two minutes of your time, we don’t even need account numbers. Once we have it back we make a start on your claim and keep you updated every step of the way.