Tesco PPI Claims & Tesco Bank: The Story
Tesco bank was founded in 1997 in a joint venture with The Royal Bank of Scotland. The RBS shares were later purchased by Tesco so now it is a wholly owned subsidiary which operates under its own banking license.
They offer a wide range of insurance and also offer loans, savings, credit cards, mortgages and travel products and they also launched a current account in June this year.
The bank has a unique selling point for their banking products as their customers can earn Tesco Clubcard points when they purchase finance products which enables them to cross-sell their products.
Every Little Helps…
Tesco are a company that have thrived in the last 10 years and one of the key factors in that was their strapline, “Every Little Helps”.
Well, it turns out that maybe they’re not all that helpful. Earlier this year, the bank was forced to shoulder a £63 million bill for customer compensation which hindered their efforts to become a new challenger among high street names prior to the launch of their long-awaited current account which, as mentioned previously was unveiled in June of this year.
This £63 million fine breaks down in to two separate charges. The first being a £43 million charge where they were ordered to refund interest and charges to 200,000 credit card customers who received a number of late and/or inaccurate statements during the last 5 years.
The other £20 million has been set aside to cover the costs for those customers who were mis-sold payment protection insurance. The customers would have unknowingly been paying for PPI alongside their credit card repayments, loans or mortgages and the Tesco PPI claims bill already stood at £220 million but with the further £20 million, that has now risen to £240 million.
Start Your Claim
Have you had a mortgage, loan or credit card from Tesco bank? If you have, you could have been unknowingly paying for PPI alongside your repayments.
You can start your claim with the experts today. Fill in the form on the right hand side of this page and leave the rest up to us.