Lloyds set for records PPI fine
Rumours are starting to surface from the Financial Conduct Authority that Lloyds Bank Group are set to be hit with the biggest fine to date for mis-handling PPI complaints.
If the rumours are correct, and we believe they are, then the fine will be almost five times greater than that handed out before.
Previously the biggest fine, which was again handed out recently, was for just over £20m to Clydesdale Bank.
This latest news is that in the next few days we can expect to see Lloyds hit with a fine of £100 MILLION!
Yet more evidence of incompetence
The PPI mis-selling scandal has been rumbling on for a number of years, with lenders and so-called experts continuing to claim that the banking industry is getting its house in order and that the PPI scandal is coming to an end.
However, with our estimations that 7 million people have yet to stake their claim, and with regular news of complaints being handled unfairly it is clear that these leeches on society do not take complaints seriously.
Are the fines high enough?
We recently did an article to compare the size of the fines versus the profit the banks have made out of various scandals.
Put simply these fines are loose change, even at £100m, for banks who sold £50 BILLION worth of PPI policies, the majority of which were mis-sold.
It is clearly worth the risk to these banks, and why we continue to hear stories of manipulation, mis-selling and rigging.
Previous fines clearly not had the impact we hoped
This isn’t the first time the Lloyds Banking Group (which includes Halifax, Bank of Scotland, Blackhorse and Lloyds), have been fined for their part in the biggest mis-selling scandal ever to hit the UK.
In February 2013 the bank were dealt a fine of £4.3m for delays in paying compensation to customers.
In December 2013 the group were issued a fine of £20.7m for continuing to target staff on selling various products and policies to customers, leading to a continued culture of mis-selling.
So, the Lloyds Banking Group have incurred a total of approximately £125m in fines for their part in the mis-selling scandal.
Sounds quite a lot?
When you consider that the bank sold approximately 40% of the £50 BILLION worth of PPI policies sold, a fine of less than 1% really puts things into context.
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 PPI Claim
If you have had a loan, mortgage, or credit card 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 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!