Alliance & Leicester PPI Claims – A history
Payment Protection Insurance, often referred to as PPI, was sold to tens of millions of individuals in the UK over many years. There were many banks that were selling this ineffective insurance for the purposes of astronomically increasing their own profits.
We take a little look into the role played by Alliance & Leicester in what is now the biggest financial scandal to ever hit the UK and, most importantly, we discuss how you could make a Alliance & Leicester PPI claim.
Alliance & Leicester – It’s history and now
Formed by the 1985 merger of Alliance Building Society and the Leicester Building Society, Alliance & Leicester was once a UK-based bank that operated in four business sectors: mortgage lending and investments, personal banking, commercial banking and treasury. In 2008, however, Alliance & Leicester was acquired by the Santander Group and transferred its business to Santander UK plc in May 2010.
When the truth came out
PPI was sold throughout the 1990’s and well into the 2000’s. Public opposition and complaints regarding the efficacy of PPI began to surface in the early 2000’s and banks and lenders were ordered to stop selling the policies in 2010.
This 2004 article in the Guardian newspaper reports how Vince Cable, then Liberal Democrat Shadow Chancellor, urged the Office of Fair Trading to investigate, “the serious problems and inflated premiums and anti-competitive behaviour in the market for payments protection insurance.” Mr Cable considered that “there is a scandal lurking here” – and how right he was.
In 2005, the Financial Services Authority (FSA) was tasked with regulating the general insurance industry. A year later, the FSA began imposing fines for PPI mis-selling and, in 2008, they handed out their biggest fine regarding PPI of £7 MILLION, to Alliance & Leicester, for training its staff to “put pressure” on those customers that questioned the inclusion of PPI in their quotation. Customers who had no need for PPI were being wrongly persuaded otherwise.
Make your claim
Do you think you may have been sold PPI by Alliance & Leicester? Even though the bank itself no longer exists, you are able to bring a claim against Santander – you can still get justice.
Our fast track system means we can gather all the information relating to your bank accounts and decide whether or not you may have an Alliance & Leicester PPI claim. You do not need to provide any paperwork in order to make a PPI claim – we make it easy!
So start your Alliance & Leicester PPI claim today by completing our easy online claim form, found on every page, by downloading a pack. Our experts advisers can be contacted by phone, email or our live chat to answer any queries you may have.