Clydesdale Bank handed huge fine
Today the Financial Conduct Authority (FCA) issued its biggest single fine regarding the huge PPI mis-selling scandal.
Far eclipsing the previous biggest fine of £7m, issued to Alliance & Leicester, the whopping £20.7m fine has been handed to Clydesdale Bank, which along with Yorkshire Bank, are owned by National Australia Bank.
Reasons for the fine
Clydesdale’s frankly disgusting treatment of customer complaints regarding PPI has long been known, and the recent tactics of attempting to destroy customer records in an attempt to avoid looking into complaints is typical of how this bank is run.
As if that wasn’t bad enough Clydesdale Bank stooped to new lows, even for the banking industry, when it came to light that the bank had been fraudulently advising the Financial Ombudsman Service (FOS) that it held no records when in fact it did.
Investigations suggest that of the 126,000 complaints received by Clydesdale between May 2011 and July 2013, a huge 93,332** were handled unfairly. That’s almost 75% of complaints!
Did the Chief Executive choose to take a bonus during this period? No prizes for guessing that he did, and a considerable one at that.
Is the fine big enough?
For a bank that regularly posts profits running into the tens, and sometimes hundreds of millions of pounds, a fine of £20.7m is significant but we believe the FCA haven’t acted strongly enough AGAIN.
It is our belief that criminal lawsuits should be filed against any staff member found to be guilty of this fraudulent activity, and fines which match the profit the bank has made since the practises started back in 2011 should be imposed.
For far too long now banks have been issued with fines that clearly do not act as a deterrent for their serious failings.
Clydesdale were even offered a 30% reduction (over £6m) in the fine for admitting their wrongdoings.
Have you had PPI?
PPI was sold on all forms of credit, such as mortgages, loans, car finance, hire purchase agreements, credit cards and store cards.
Not sure whether you’ve been sold PPI?
Our fast and comprehensive checking systems that have been set up with almost all banks allows us 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.
Our average successful customer award is £3,332**!
Want to know how much you may be owed? Why not try our PPI calculator.
Making a Clydesdale Bank PPI Claim
If you have had a loan, mortgage, or credit card with Clydesdale Bank or Yorkshire Bank within the last 25 years there’s every chance you’ll have been paying for PPI.
We’ve made claiming easy, taking the stress out of you having to deal with the paperwork, the stress, and the tactics employed by the bank to try and wriggle out of paying.
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 Clydesdale Bank 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!