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PPI Claims News

PPI Scandal Prompts Re-evaluation Of Packaged Bank Accounts

20th December 2012. According to a recent report, leading banks are abandoning the use of telephone and branch sales for their packaged bank accounts over fears of mis-selling. Both Lloyds TSB and the Bank of Scotland have confessed to taking this action, although Lloyds claim it is prompted by a desire to streamline their operations and "amend the sales process and training [they] provide to colleagues" rather than to prevent a public backlash from potential mis-selling. Yet, industry experts suggest different motives may be at work. Eager to avoid further disrepute over unethical practices, banks are proceeding with caution in all areas of their dealings and this includes the selling of packaged bank accounts.

Packaged bank accounts are those which customers must pay for. Currently, around 20% of UK consumers have one and they are apparently the most popular choice when it comes to opening a new account; outnumbering the amount of free bank accounts being opened. As the accounts involve fees for the customer, the potential for mis-selling is clear. In 2010, an investigation by Which? discovered customers were paying more than necessary; leading the consumer watchdog to issue a warning to banks. Since then, the PPI mis-selling scandal has continued to dominate headlines with industry regulators implementing new regulations designed to control the selling of accounts and financial policies. With the current total bill for mis-sold PPI expected to top £15 billion, the decision to restrict sales of packaged bank accounts to avoid the risk of further fines seems only natural.

No End In Sight As Missold PPI Scandal Continues To Gather Pace

26th July 2012. Despite millions of customers having already reclaimed charges for mis-sold PPI, the scandal is showing no signs of abating as major banks allocate more money to cover compensatory payouts. These additional allocations are expected to be announced by Britain's four main banks, Lloyds Banking Group, HSBC, Royal Bank of Scotland and Barclays, in the next fortnight. According to reports, the banks are expected to reveal that an extra £1 billion has been paid out in charges over recent months. This will push the running total for the missold PPI fallout to almost £8 billion - a figure which was previously expected to represent the total cost of the scandal.

With financial bodies continuing to receive a high volume of complaints, this figure could be easily surpassed by the end of the year - especially when it is considered that missold PPI has led to a 145% increase in compensation claims. This would cement the PPI debacle as one of the biggest financial scandals to afflict the UK in living memory. Of course, this is not the only problem currently being faced by banks. The recent Libor scandal has seen many of these institutions face further investigation from regulatory bodies including the Financial Services Authority (FSA). If these enquiries yield negative results, banks could face additional fines for their unethical and immoral practices. This will not only result in greater expenditures by banks, but will also intensify the feelings of distrust that consumers currently have towards financial institutions.

HSBC Puts Aside More Funds For PPI Compensation

11th May 2012. HSBC has put aside almost £300 million in additional funds to pay for customers who were mis-sold payment protection insurance (PPI), the bank has announced. The bank's total reserves for paying compensation to victims of the PPI scandal now totals £745 million, after it added £290 million to the pot. The move comes shortly after it was announced that the Royal Bank of Scotland (RBS) and Lloyds Bank Group both put aside additional funds of £125 million and £375 million respectively. Since the missold PPI scandal was exposed last year, the majority of leading banks have had to pay out millions in compensation to customers.

But the amount paid out is still just a fraction of the total money put aside by the leading banks to pay for the scandal, which now stands at more than £9 billion. The five largest banks - HSBC, the Royal Bank of Scotland, Lloyds Bank Group, Barclays and Santander - account for more than £7.8 billion of the total. Despite the large number of complaints being lodged against the banks, only around £3 billion of the £9 billion in reserve has actually been paid to customers. Consumer watchdog Which? recently held a summit with some of the country's major banks and financial firms, to help make the PPI reclaim process more efficient. "It's a big step forward to have representatives of all the major banks and the regulators around the table and it is encouraging that action has been agreed to help people get back the £5bn of mis-sold payment protection still available," said Which? Executive Director.

FSA Sees A Significant Rise In PPI Complaints

20th April 2012. New figures suggest that the number of payment protection insurance (PPI) complaints has actually increased. According to the latest figures from the Financial Services Authority (FSA), the surge in missold PPI complaints and refunds has pushed up the overall level of complaints in the financial services sector by almost 30%. PPI has been commonly mis-sold to a number of consumers on the back of other financial products. In many cases the insurance was not fully explained or considered valid for policyholders. High street banks and lenders have been mis-selling the insurance for the best part of the last decade and the scandal was thrown into the spotlight last year.

At the end of March, the FSA saw a 29% increase in the number of complaints made against the financial services sector. Barclays was shamed as the worst performing single bank, dealing with over 250,000 complaints in the first half of 2011. This increased to 281,000 in the second half of last year as the full force of the missold PPI scandal came to light. Lloyds Banking Group, which holds HBOS and Halifax sub-brands under its arm, attracted the most complaints overall. During the last six months of 2011, Lloyds TSB received 240,000 complaints whilst Bank of Scotland saw a rise of 130,000 to 206,000 over the year. Banks are not alone in mis-selling the produce as insurance firm Aviva opened over 13,000 new complaint files in the last six months of 2011. The FSA is taking action against banks and lenders, forcing them to contact customers who may have been mis-sold the insurance. The number of missold PPI complaints is expected to rise throughout 2012.

Lloyds In Red After PPI Cost Wipes Out Their Profit

8th Novemeber 2011. The misselling of Payment Protection Insurance (PPI) has put a serious dent in the earnings of Lloyds Banking Group. Overall Lloyds made a loss of £3.85bn. This is mainly because the bank took a hit of £3.2bn on the cost of paying compensation to customers who were wrongly sold PPI... Lloyds PPI Claims News

Barclays tops UK complaints list against banking brands

28th September 2011. More complaints were made about Barclays than any other bank by UK customers in the 1st half of the year, FSA figures show. However, Lloyds Banking Group had larger complaints figures when all its banking brands were added together. Other brands high on the list include Santander and NatWest, using figures released in recent weeks by banks... Barclays Complaints News

The City braces itself for dip in banks' profits

31st July 2011. The big four banks will bear the scars of the PPI scandal this week when they are expected to unveil slipping half year profits. Lloyds, Barclays, RBS and HSBC are expected to show a weak 6-month period... Bank profits: PPI Claims News

PPI charge hits Santander UK profits

27th July 2011. Santander UK has said that it has set aside more than half a billion pounds to cover the costs of PPI claims. Profits after tax and the PPI charge were £300 million. Santander is the latest bank to reveal its PPI charge after Lloyds made a provision of £3.2 billion, RBS set aside £850 million, Barclays £1billion and HSBC earmarked £270 million... Santander PPI Claims News

Banks under pressure to follow Barclays' PPI claims approach

18th June 2011. Barclays' PPI compensation claims offer should be followed by Lloyds, RBS and HSBC, says Which chief executive. Rival banks, including HSBC, RBS and Lloyds have been urged to follow Barclays's lead over PPI compensation claims... Barclays PPI Claims

FSA grants HSBC extension for PPI complaints

16th June 2011. The Financial Services Authority (FSA) has granted HSBC a temporary extension to complete processing PPI claims. The FSA has suspended its normal 8 week PPI claims complaints deadline for HSBC along with RBS, Barclays and Lloyds... HSBC PPI Claims

FSA grants temporary extension for some PPI complaints

13th June 2011. The Financial Services Authority (FSA) today agreed to temporary arrangements for Barclays, Lloyds Banking Group and RBS to handle PPI complaints. The arrangements extend the time periods the firms have to deal with their backlog of stayed PPI complaints and the high volume of new complaints on PPI. These arrangements have been put in place to ensure that the firms are able to handle the PPI complaints properly... FSA PPI Claims

Lloyds considers clawing back bonuses over PPI provision

19th May 2011. Lloyds are believed to be considering offsetting some of its provision for payment protection insurance (PPI) mis-sales by clawing back bonuses... Lloyds PPI Claims

Banks to hire 6,000 to handle PPI Claims

11th May 2011. Lloyds, RBS, HSBC and Barclays are facing massive staff costs and admit £5bn is needed to compensate PPI customers. Lloyds is among the High Street banks facing huge staff costs for dealing with customers over missold PPI, and has announced a £3.2bn provision. The banks are preparing to hire up to 6,000 workers to deal with claims complaints from millions of customers wrongly sold PPI... Banks PPI Claims

UK bank PPI claims costs could rise to £10bn

6th May 2011. Bankers suggest PPI claims payments and costs could rise to £10bn, more than double the FSA's original estimate of £4.2bn. Lloyds has made a provision of £3.2bn for PPI claims... Banks PPI Claims

RBS cannot estimate total PPI claims bill

6th May 2011. RBS said today it could not reliably estimate total liabilities for PPI sales. The announcement comes the day after Lloyds said it had made a provision of £3.2bn for PPI claims... RBS PPI Claims

Lloyds will settle PPI claims

5th May 2011. Lloyds have announced that it will settle PPI claims, raising consumer hopes that other high street banks may soon do the same. The bank has pulled out of legal action to stop the payout and will re-open all PPI claim cases currently on hold... Lloyds PPI claims

Which PPI: Which? calls on banks to follow Lloyds in admitting PPI defeat

5th May 2011. As Lloyds Banking Group reveals that it's withdrawn from the legal dispute with the FSA over PPI and has set aside £3.2bn to repay customers who were missold to, Which? executive director, Richard Lloyd, says: “This is great news for the millions of Lloyds customers who have been missold PPI. It's refreshing to see a bank break ranks from its peers and do the right thing by its customers... News: Which PPI: Lloyds PPI Claims

Press Release: Citizens Advice response to Lloyds announcement on PPI

5th May 2011. Citizens Advice Chief Executive said: "We are really pleased to hear today that Lloyds is planning to settle PPI claims where redress is appropriate, after discussions with the FSA. We hope that other banks follow suit and customers will finallybeawarded the compensation they are due for missold PPI policies that were far too expensive and completely unsuitable for their needs." In 2005 Citizens Advice made a super complaint to the Office of Fair Trading (OFT), calling on them to launch an investigation into the PPI business, which at that time had an estimated 20 million policies in force and produced annual revenue in excess of £5billion. Protection racket – CAB evidence on the cost and effectiveness of payment protection insurance, the report on which the super complaint was based, is available on the Citizens Advice website:... News: Citizens Advice

Banks shun FSA PPI insurance warning

4th December 2010. Lloyds Banking Group and Royal Bank of Scotland are still both putting refunds over alleged misselling of PPI on hold, despite a warning from the FSA that it will crack down on banks that fail to follow new PPI guidelines... News: Bank PPI Claim Complaints

UK banks face £5billion PPI claims

27th October 2010. Lloyds and the next four biggest UK retail banks could have to pay out 5.1 billion pounds in PPI claims under a worst case scenario for them, analysts at Morgan Stanley said. Under a base case, RBS and HSBC could have to pay out about 400 million pounds each and Barclays and Santander each face payouts of just over 300 million in PPI claims... News: UK Banks PPI Claims

Lloyds could face £1bn claims for PPI misselling

26th October 2010. Analysts claim that Lloyds are vulnerable to £1bn of PPI claims after the banks were found guilty of overcharging and misselling customers PPI insurance on their credit cards and loans... News: Lloyds PPI Claims

Lloyds puts PPI claims on hold in defiance of regulator

11th October 2010. Government-backed Lloyds Banking Group is defying regulatory guidelines by putting all PPI claims on hold.... News: Martin Lewis Money Saving Expert PPI Claims

Lloyds is the most complained about bank

14th September 2010. The Financial Ombudsman Service (FOS) has released complaints data for banks, insurance companies and investment firms. The vast majority are likely to have concerned PPI... News: Lloyds PPI Claims

1,850 complaints to Lloyds Bank each day

27th August 2010. Included in this figure Lloyds received 41,874 complaints about insurance products during the first half of the year, mainly relating to the mis-selling of payment protection insurance (PPI)... News: Lloyds PPI Claims

How PPI missed the point

17th August 2010. Lloyds Banking Group’s move to stop selling payment protection insurance is being seen as the beginning of the end of PPI products. The bank stopped PPI sales across all its retail... News: Lloyds PPI Claims

Lloyds TSB Bank stops PPI sales

27th July 2010. FOS figures are expected to show 150 people a day complain about PPI, as Lloyds Banking Group calls halt to sales for loans, credit cards and mortgages. Lloyds Banking Group has stopped selling the controversial payment protection insurance (PPI) across all of its brands, which include Halifax and the Bank of Scotland... News: Lloyds PPI Claims

FSCS pays out two thirds of compensation for investment and PPI claims

22nd July 2010. In its annual report and accounts 2009/10, the FSCS said that two thirds of compensation paid was for payment protection insurance (PPI) and investment claims... News: FSCS PPI Claims

Can PPI Claims Agencies Help You To Claim Compensation?

22nd July 2010. With average claim settlements reported to be over £2,000 and millions of people thought to have been affected, processing a claim for missold PPI can seem daunting to the average consumer. Luckily, claims agencies are on hand to help - but how? For those who have been affected by mis-sold PPI, reclaiming the money that was wrongly charged is highly important. Not only can the value of these claims be quite high, but customers could even be entitled to lodge multiple claims if more than one financial product was affected. Whilst claims can be handled independently, many choose to use a claims agency instead. The use of these agencies is even encouraged by influential figures, with Jonathon Djanogly MP, the Parliamentary Undersecretary of State, stating the claims management industry provides a significant way for customers to seek compensation and redress.

Many of these firms operate on a no win no fee basis with their customers, offering a claim management process which is both fair and beneficial to the customer. Action can be taken in as little as 24 hours and all of the paperwork is handled by the firm - giving claimants one less thing to worry about. Whilst there are no time limits imposed on PPI claims, it is recommended that those affected act without delay. This is because lenders are only legally required to keep their documentation for six years, meaning any claims made for products outside of this time frame may struggle to find the necessary evidence. Claim agencies are qualified to handle these procedures and resolve your case in the shortest time possible. Taking advantage of their services is, therefore, a convenient way in which to seek the compensation which you deserve. Skip Straight to PPI Claim

PPI News Archives: FSA PPI | Ombudsman PPI | Martin Lewis PPI | Which PPI

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Need to Know More About PPI?

What is the Official Stance on PPI Claims?

Reports by the Office of Fair Trading, the Competition Commission and the Financial Services Authority (FSA) demonstrated that there had been substantial PPI mis-selling and actively encourage people to claim. They acknowledge it is difficult to find customers who have been mis-sold PPI where the customer does not actually know that they have the product.

According to the Banking Times "lenders selling PPI can expect to earn £1,200 from a policy that costs £20 to provide". Is it any wonder that PPI providers cut corners?

Additionally, the FSA say that "It's vital that firms deal with these complaints fairly. Unfortunately, we don't currently have confidence that firms are doing this. On average, firms have rejected around 60% of the PPI complaints they have received, but some firms have rejected nearly all."

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This is Where we Come in

Mortgages or loans with PPI

Have you taken out a mortgage, secured loan, unsecured loan or hire purchase agreement in the last 10 years? If you have (or have had) a mortgage or loan that includes PPI with providers such as Santander, HBOS, Halifax, HFC, HSBC, Lloyds, Natwest, RBS, Northern Rock or in fact any other credit provider, you could be owed thousands of pounds - even if you've lost the paperwork. We can also look at going back more than 6 years, but you'll need to have all the documents pertaining to the loan in this case.

Credit cards with PPI

Have you taken out a credit card, store card or payment card in the last 10 years? If you have (or have had) a card that includes PPI with providers such as MBNA, Barclaycard, Capital One, American Express or in fact any other credit provider, you could be owed thousands of pounds.

In the majority of cases, what we are complaining about on your behalf is the fact that you shouldn't have been sold the PPI policy in the first place because it wasn't right for you. Your compensation could be a full refund of all your premiums plus interest. Your PPI claim will not have a negative impact on any existing loan or your ability to obtain a loan in the future.

You may even have more than one PPI claim even if you've claimed on the insurance or the policy is no longer in use.

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And 3 Reasons to Use us to Handle Your PPI Claim...

  1. When claiming PPI, experience counts: We have a substantial team of experienced advisers who have already helped recover millions of pounds in mistakenly paid premiums, interest and compensation for 1000's of customers.
  2. No win, no fee. You've nothing to lose: Unlike many of our competitors we'll tell you exactly what your PPI claim will cost. Importantly, there are no upfront fees, no hidden extra payments, and absolutely nothing to pay unless you win.
  3. We'll make it as easy as possible for you: We'll handle all the paperwork and chasing for you and we'll keep you informed with exactly what's happening at each stage. Some providers have tried to make the PPI claim process as long-winded as possible hoping that you give up - this is something we won't do, even taking the claim all the way to the Ombudsman if necessary.

25 Opportunities to Claim a Mis-Sold PPI Refund...

As you'll see below, there's a huge chance that you have been mis-sold PPI. Answer yes to JUST ONE of these simple questions:

  1. Did you not specifically ask the loan provider for PPI?
  2. Did your loan provider make you think you had to have PPI in order to have the loan?
  3. Did they add the PPI onto your loan without fully explaining why?
  4. When you took out the loan were you self employed, unemployed, retired, over the age limit or on a fixed term contract?
  5. Were you not told you could cancel the policy without penalty within the cooling-off period?
  6. Did the loan provider fail to explain whether it was selling on an advised or non advised basis?
  7. If they stated they were non advised, did they then go on to give advice regarding the merits of the PPI policy?
  8. Did the loan provider fail to check that the policy would be affordable in light of your income and outgoings?
  9. Did they not check if your circumstances were likely to change during the policy?
  10. Did the company fail to provide the written documentation required under the FSA’s rules such as the statement of price, policy summary or statement of demands and needs?
  11. Did they not stress the importance of reading the documentation?
  12. Were you pressured into taking a PPI contract?
  13. Did they fail to explain orally the full cost of the PPI or not tell you could get PPI independently for a fraction of the cost?
  14. Did they fail to explain orally the key features of the product, such as its optional nature, non-pro-rata refund terms and exclusions and limitations?
  15. Were you not told that a commission was to be paid to the broker or intermediary?
  16. Was the PPI paid as a lump sum when you took out the loan? Single premium products were often inflexible especially if you repaid your loan early.
  17. Did they fail to explain that if your loan was redeemed early then the rebate on the PPI element would not be proportionate?
  18. Did the PPI cover not match the loan term? Did they fail to make you aware of the consequences of taking out a PPI policy that does not cover the full term of the loan that it is linked to?
  19. Did they fail to ask you about any existing PPI payment cover you had?
  20. When you took out the loan, did you have existing medical conditions such as depression, back problems, etc.
  21. Did they fail to ask if you were entitled to sick pay from your employer?
  22. Did they fail to explain any of the PPI's exclusions in the written terms and conditions
  23. Despite it being a joint loan application, were the benefits applied only to one applicant and you were led to believe that all parties were equally entitled to PPI cover?
  24. Did they fail to check how long you were employed? Some PPI policies need you to have been employed for a certain length of time to be suitable
  25. Did they fail to obtain information from you as to what existing means you already had in place protecting the loan, including benefits from employer, existing insurance or savings and investments?

Our PPI claims experts can easily assess your case to let you know if you are a victim of a mis sold PPI policy and will make a claim on your behalf.

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