Who’s responsible for mis-selling PPI?
Mis-sold PPI is one of the biggest financial scandals in UK history, with over £40bn provisioned by banks and lenders to compensate consumers who were mis-sold. A large number of these lenders were hit with hefty fines as punishment for poorly handling claims, many of which left customers waiting long periods of time or unfairly rejecting them altogether.
After the Financial Ombudsman Service (FOS) expressed concerns the Financial Conduct Authority (FCA) began an investigation, and many lenders were then ordered to pay compensation to millions of people.
PPI Claims wrongly rejected
Figures from the FOS show that around 69 per cent of PPI claims that had been referred to them were actually rejected unfairly.
Unfortunately, only 20 per cent of rejected claims is estimated to make it on to the FOS, because victims mistakenly believe that there is nothing they can do following a rejected claim.
There were a large number of banks and lenders involved, and we have information on the most prominent of these for those who feel they may have had PPI mis-sold to them.
Lloyds Banking Group
The UK banking sector has been under the spotlight for the last few years due to one of the biggest scandals in the history of the banking industry: the mis-selling of Payment Protection Insurance (PPI).
Of all the PPI policies sold in the UK, Lloyds Banking Group were responsible for selling over half. This was easily achieved by the group because of the size of the organisation and the different companies that make up the group.
Some of the brands owned by Lloyds Banking Group include:
Barclays Group
The spotlight has firmly been on the banking sector for the past few years because of the Payment Protection Insurance (PPI) mis-selling scandal, making this the biggest scandal in the history of UK banking. The sector has so far paid back over £30bn since 2011 and this figure is set to rise.
The Barclays Group has been one of the organisations at the centre of the scandal, along with other major lenders such as Lloyds Banking Group and Santander and has put aside over £9.3bn to meet successful compensation claims.
What Brands do the Barclays Group Own?
With a history in banking that goes back to the early 1700s, the bank has survived to be one of the big four banking groups in the UK.
The key brands and businesses owned by Barclays Group in the UK are:
Royal Bank of Scotland (RBS) Group
The UK banking sector has been under the spotlight for the last few years due to one of the biggest scandals in the history of the banking industry: the mis-selling of Payment Protection Insurance (PPI).
Just like the other big lenders, the Royal Bank of Scotland Group Plc (RBS Group) has been caught up in the mis-sold PPI scandal and has had to pay out considerable sums of money to its customers in compensation.
Who are RBS?
RBS Group provide banking and insurance services based in Edinburgh. Their main subsidiaries are:
HSBC Group
As with the other banks and lenders in the UK, HSBC has already paid out a considerable sum in mis-sold PPI claims. As of July 2017, the scandal has cost HSBC £4.05bn.
Who are HSBC?
The HSBC Group is one of the largest banking organisations in the world. The acquisition of Midland Bank in 1992 gave HSBC a foothold in the European market.
HSBC UK are a major bank in the UK and have other well-known brands that form its group of companies, such as:
Santander UK
Santander UK is a relative newcomer to the UK finance market. It initially purchased the Abbey National in 2004, then later acquired two other former mutual building societies: Alliance & Leicester and Bradford & Bingley in 2008. All firms were rebranded as Santander UK in 2010.
