Clydesdale Bank Plc has set aside a significant sum to repay the PPI that they mis-sold to its customers. The majority of this figure has come from its former owner National Australia Bank.
The Financial Conduct Authority (FCA) fined Clydesdale Bank Plc £20,678,300 for serious failings in its PPI complaint handling processes between May 2011 and July 2013.
The Purpose Of PPI
If sold correctly, then PPI can be a very helpful product, ensuring that payments can be maintained in the event of sickness, injury or unemployment.
However, PPI was often mis-sold to people who didn’t want it, didn’t need it or couldn’t have used it because an exclusion clause built into the policy would have prevented them making a claim.
Was Your Policy Mis-Sold?
Many consumers aren’t sure whether or not their policy was mis-sold to them, but there are a number of questions which will make the answer clearer:
- Did the advisor check if you had any cover already in place?
- Were you made aware that the policy was optional and that you didn’t have to have it?
- Was the PPI advice given to you by CYBG fair and accurate?
If the answer to any of these questions is no then you were possibly mis-sold your policy and could make a claim to get back any money that’s rightfully yours.