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Big Four Banks Under Investigation

It may be long overdue but it appears the dominance and monopoly of the big four banks is to be investigated.

For far too long now, Lloyds Banking Group (including Halifax and Bank of Scotland), RBS / Natwest, Barclays and HSBC have dominated the high streets when it comes to putting your money.

Years ago this didn’t seem to be a problem as we trusted our banks.

Treating Customers Unfairly

With nowhere else to turn, UK consumers have been left with few alternatives other to place our money with these banks and getting very little back in return.

It’s abundantly clear with the main banks that profits come first.

Customer service, and competitive products aren’t on the agenda when it comes to these giants of finance.

The fact of the matter is, there have been no alternatives and these banks are all equally as poor as each other when it comes to dealing with customers and our needs, so it didn’t really matter how we were treated.

The era of the scandal

We seem to hear about a new scandal or a new fine on a daily basis these days, from rigging LIBOR and foreign exchange rates, to money laundering and Mexican drug cartels.

Whilst the above do impact what we all pay on a daily basis, it is perhaps the mis-selling of Payment Protection Insurance (PPI), and the recent investigations into the potentially millions of mis-sold Packaged Bank Accounts, that really make us sit up and take notice.

Selling worthless insurance policies to us, their own customers, only serves as further proof that banks believe they can get away with treating us how they wish.

However, the UK consumer appears to be fighting back with the number of PPI claims, and the ever increasing number of Packaged Bank Account claims.

This has forced the government to take notice, and to look deeper into the banks and the apparent monopoly they have on the market.

Will there be change?

With 77% of current accounts currently being serviced by ‘the big four’, there is a long way to go before there is enough competition in the market.

Only when the grip of these out of control banks is loosened will we see real competition and a proper focus on customer needs and service.

Until then, we’ll continue to see scandals and financial claims.

Can you claim?

PPI was sold on all forms of credit, and with an estimated 34 million policies sold worth a colossal £50 BILLION we believe you may be in a minority if you haven’t been sold a policy.

Not sure whether you’ve been sold PPI? Our fast and comprehensive checking systems that have been set up with almost all banks allows you to find out whether you’ve been one of the millions who have had PPI.

Not sure whether you qualify? Check here to see whether you may.

Want to know how much you may be owed? Why not try our PPI calculator.

Have you ever paid a monthly fee for your bank account? With over 10 million active Packaged Bank Accounts, and millions more that have closed, banks are thought to have profited by £BILLIONS through mis-selling them.

So….how do you start your claim?

#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your PPI claim.

#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.

Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.

So….why wait, let’s get started!

Banks Under Investigation

Banks Under Investigation

About the author

Daniel Lee

Company Director

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