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EXPIRED 29th Aug 2019


hsbc ppi-claims
Do you Have a HSBC PPI Compensation Claim?

What is HSBC PPI?

PPI was a product sold daily by banks, building societies and other financial services providers to customers to ensure they could meet their monthly payments if they were ever unable to work due to accident, sickness or unemployment.

When sold in the right way PPI was a useful product and beneficial to those who had it. Unfortunately, it came to light that this wasn’t always the case and many people were sold PPI who wouldn’t be covered by it.

With the sales of PPI policies increasing, banks and other lenders realised how profitable a product it was. PPI sales were netting billions of pounds each year with very little being paid out. This went on for many years until the Citizens Advice Bureaux conducted research into why so many policies had been sold and so little had been paid out in comparison.

The Rise of PPI Complaints

In 2005 alarm bells started to ring and Citizens Advice published a report on their findings – that PPI was in effect a ‘protection racket’ and they lodged a ‘super complaint’ with the Office of Fair Trading (OFT).

The report highlighted that for an expensive product only 15% of consumers would be able to make a successful claim should the need arise.

The PPI Deadline



Due to the proximity of the PPI deadline, we are no longer accepting any new PPI claims to allow us to process existing PPI Claim enquiries

Please be assured, if you have already enquired about a PPI Claim with Money Management Team Limited we are processing your enquiry and will update you as your claim progresses. If you need an update in the meantime, please contact us.

You can pursue your own claim direct to the firm to obtain a refund. You can do this for yourself at no cost and then use the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) which are both FREE.

Dont Miss the 29th Aug 2019 PPI Deadline!

£Millions Remain Unclaimed!

Around this time the then UK regulator, the Financial Services Authority (FSA) launched their own investigation, which revealed poor PPI selling practices and little compliance control. However, what wasn’t known at this stage was the scale at which the mis-selling had taken place and what was to come.
From the outset of the scandal, HSBC was named and shamed as one of the culprits in the top five mis-sellers of PPI.

HSBC and PPI Complaints

Many of the cases for HSBC customers involved them not knowing that they had taken out the cover and that their monthly repayments included a payment for PPI.

Because of the media attention, the mis-sold PPI scandal has received and the campaigns for redress, banks such as HSBC are having to pay out billions in compensation to their customers for selling insurance policies that were useless, instead of making the many billions like they had previously.

Which HSBC Products Was PPI Sold With?


hsbc loan ppi

HSBC sold PPI on loans in the mid 1980's to millions of consumers. If you had a HSBC loan start a FREE PPI check and find out if you can reclaim. You could be owed £1000's.

HSBC Credit Card PPI

hsbc credit card ppi

HSBC sold PPI on credit cards to millions of consumers over the last 30 years. If you had a HSBC credit card find out if you can reclaim with a FREE PPI Check. You could be owed £1000's.

HSBC Mortgage PPI

HSBC sold PPI on mortgages  to millions of consumers mid 1980's. If you had a HSBC mortgage you could be owed £1000's. Find out if you were mis-sold PPI on your HSBC mortgage with a FREE PPI check.

Which brands have HSBC sold PPI under?

  • HSBC business loans
  • Beneficial Finance
  • Endeavour Personal Loans
  • EPF
  • EPF Direct
  • EPF Homeloans
  • First Direct
  • GM Card
  • Hamilton Direct Bank
  • HFC Bank
  • HFC Direct
  • Household Bank
  • Marbles (some older Marbles accounts)
  • Midland Bank
  • M&S Bank
  • John Lewis
  • Sterling Credit
  • Sterling Loans

How Much Has HSBC Set Aside for PPI Compensation Payouts?

In 2017 HSBC added an extra £840 million to its PPI compensation pot in anticipation of a flood of new claims following the announcement of the PPI claims deadline. A further £400 million was added to the total for PPI payouts in 2018 and HSBC is the first of the big four high street lenders to reveal its annual figures with the new cash provision bring its overall bill to £4.05billion, of which £3 billion has already been paid out.

Lloyds £19.2bn
Barclays £9.3bn
Royal Bank of Scotland (RBS) £5.1bn
HSBC £4.05bn
Clydesdale Yorkshire Bank £2.05bn
Bank of America £1.5bn
Santander £1.5bn
Source:newcityagenda.co.uk 2018

PPI Claims Calculator

Use our PPI calculator to estimate the amount redress you can expect including any interest due back for your PPI on a HSBC loan, credit card or Mortgage.

PPI Calculator Assumptions

Key features of HSBC PPI

PPI policies are usually sold alongside loan and credit products such as mortgages, credit cards, personal loans as well as store finance and catalogue accounts to name a few.

PPI was designed to cover the repayments on any loan or credit products, when you couldn’t make them yourself due to unforeseen circumstances such as, you were made redundant or couldn’t work due to an accident, illness, disability or death.

How the policies work and the range of benefits they offer can vary slightly from policy to policy.

How was PPI mis-sold by HSBC?

There were several ways used to sell PPI to customers many of which were underhand and ignored the rules on how to sell the policy.

Many cases of PPI mis-selling involved the customer not knowing they had taken out PPI as it was attached to whatever financial product was sold to them. Some customers were told that it was compulsory instead of optional. Sales advisers often didn’t check to see if you had a pre-existing medical condition, were self-employed or if you were unemployed. These are the most common ways PPI was mis-sold.

How do I know if I had PPI on HSBC finance products?

If you’ve ever had any of the following financial services products through HSBC bank you need to review all your financial agreements from 2009 to 2014 to see if PPI is mentioned on any of them:

These are the main products, but this is not an exhaustive list.

What to look for on your HSBC Finance Agreements or Statments?

It is worth noting that your documentation may not specifically say PPI, it could be termed as any of the following:

  • Accident, Sickness and Unemployment (ASU) cover;
  • Account Cover;
  • Credit Card Protection Insurance;
  • Credit Card Repayment Protection;
  • Credit Insurance;
  • Credit Insurance Protection;
  • Card Protection;
  • Income Protection;
  • Loan Repayment Insurance;
  • Loan Care;
  • Loan Protection;
  • Mortgage Payment Protection Insurance;
  • Payment Cover;
  • Personal Loan Protection.

HSBC PPI & Frequently Asked Questions

Read our frequently asked PPI Claims related questions and answers. In the majority of cases the first step to making a PPI claim is to get a PPI check done with the lender.

What is PPI?

PPI stands for Payment Protection Insurance. It is a financial product designed to cover repayments on loans, mortgages and credit cards which you may not be able to meet if you find yourself out of work due to illness, redundancy or other reason.

Having PPI cover would mean that if you fell ill, became unemployed, or found yourself in a situation which meant you were not earning money, your repayments would be covered.
PPI also went by many other names, such as: ASU insurance (Accident, Sickness and Unemployment), Life & ASU insurance (Life & Accident, Sickness and Unemployment cover), PLP (Personal Loan Protection), CCRP (Credit Card Repayment Protection) and MPPI (Mortgage Payment Protection Insurance).
These insurance policies were often sold alongside loans, mortgages and credit cards

How was PPI Missold ?

Many sales staff at banks and other financial companies were under heavy pressure to meet certain targets each day in the 1990s. Encouraged to sell PPI wherever possible – due to its strong profitability – many of them sold PPI incorrectly, going against the industry regulations in order to reach their targets.

PPI was mis-sold in many different ways, with some of the most common being:

  1. The bank telling you that it was compulsory.
    Customers were sometimes told by the banks and lenders that PPI cover was necessary in order to receive the loan they were applying for. Sellers would either not mention it was an optional extra, or imply that those in charge of deciding whether you would receive your loan would be more likely to accept your application if you took out PPI cover.

  2. You received it without asking for it, or without knowing you were having it. You might not have discussed PPI properly with the seller, yet they subtly added it to the loan documents without you asking to have it.

  3. It was sold to you for an expensive price
    If PPI was sold to you at a high price, then you may have barely gained any money if you ever ended up claiming on it, even if you were eligible for the maximum payout. Because the policy would not actually benefit you properly, it can count as being mis-sold.

  4. It was unsuitable for you to have it
    Some people had no need for PPI cover. They were either fully covered anyway by another policy, or their personal situation made it impossible for them to ever claim on it, such as having a pre-existing medical condition, for example. You may have reached retirement age during the policy’s timeframe, for example, making the PPI mis-sold.

How do I know if I’ve had PPI

Your statements or other relevant documents should have PPI listed on them, potentially under other names such as: ASU insurance (Accident, Sickness and Unemployment), Life & ASU insurance (Life & Accident, Sickness and Unemployment cover), PLP (Personal Loan Protection), CCRP (Credit Card Repayment Protection) and MPPI (Mortgage Payment Protection Insurance).

How do I check and spot PPI payments?

For PPI on loans or mortgages, you will probably be able to find signs of PPI payments on your original agreement. For PPI on credit cards, it should show up on your statements. Generally it would have been charged monthly.

Remember to check for the different names PPI was sometimes called on your documents, such as: ASU insurance (Accident, Sickness and Unemployment), Life & ASU insurance (Life & Accident, Sickness and Unemployment cover), PLP (Personal Loan Protection), CCRP (Credit Card Repayment Protection) and MPPI (Mortgage Payment Protection Insurance).

Why should I make a claim?

The Financial Conduct Authority (FCA) – formerly the Financial Services Authority – discovered that PPI had been mis-sold by many banks and lenders across the UK on a major scale.

There were 20 million PPI policies in the UK by mid-2008, with an estimated seven million added to credit agreements annually. Based on this, PPI may have been mis-sold to more than 70 per cent of the UK, with potentially more than 40 per cent of policyholders not even knowing it was attached to their loan, mortgage or credit card.

Considering this, it is reasonably possible that if you took out credit in some form during the last few decades then you may well have been mis-sold PPI on it, or been charged an unfairly high amount of commission on it, and therefore you may be entitled to compensation.

Additionally, many cases which have been rejected by lenders later go on to be overturned by the Financial Ombudsman Service (FOS).

Can I make a PPI claim myself?

While you have every right to deal with your claim yourself, some people may feel like they don’t have the spare time or patience to do this. PPI claims involve completing questionnaires, chasing up banks, and can take various different routes.

Using a claims management company means they can use their knowledge and experience to guide you through the claims process.

How far back can your PPI claim be dated?

PPI is known to have been mis-sold from as far back as 1988 up until 2014 in some cases.

How much could I get back?

If your PPI was mis-sold, the amount of compensation paid out is generally your PPI premiums plus gross interest at 8 percent. If you paid more interest on your loan, mortgage, credit card or other product as a result of having PPI, then you may receive more compensation.

What happens if I’ve missed repayments?

Should you have missed any payments on the loan, credit card or mortgage which you are claiming for, any compensation you receive would be used first to clear any arrears, before the any payment is made to you.

The Financial Ombudsman Service (FOS) offers a free and impartial advice service for consumers, and we recommend that you speak to them or to a specialist debt advisor about your financial situation.

Can I still make a claim even if my PPI policy has expired?

Yes. No matter when the policy expired, provided the PPI was mis-sold, you are entitled to make a claim.

What if I don’t have any paperwork?

Financial companies must keep records of all their customer’s transactions and dealings for the past 6 or more years, so they may still have your records for you. If you paid off your loan more than 6 years ago, there may not be any available records. However, there have been cases in which claims have been made against cases of mis-selling over 20 years ago, often without paperwork.

How long do PPI claims take to process?

Our average timeframe is between 8-16 weeks from the date of the lender’s acknowledgement to a decision being made.

Should your claim be rejected and you then appeal to the Ombudsman, you can expect to wait several months longer. However, many claims that are rejected initially go on to be overturned by the Ombudsman so it is generally worth the wait.

The more details you can recall about your agreement, the more likely it will be that your lender can locate and verify you against their systems. This can help avoid requests for further information which can delay a decision being made.

I am currently in a Debt Management Plan Can I still claim?


Being in a debt management plan (DMP) does not have any effect on your right to make a claim. However, your own situation may differ, depending on your agreement with the debt management company you should be aware of the following:

  1. You may be required to let your debt management company know that you plan to claim, as well as informing them about any subsequent compensation.
  2. If the loan, credit card, mortgage, overdraft or other account you are complaining about was included in the DMP, your lender may automatically deduct some or all of the compensation and pay it to your debt management company.
  3. If it was not included, then it is possible that you might still be required to make a payment to the debt management company.
  4. It is possible that you may not end up with any money left over after paying back your DMP, however you will still have benefited from making the claim because your outstanding debt will have been reduced.

I have an IVA or have been declared bankrupt, can I still claim?

If you are going through or have recently been through an IVA or bankruptcy, you must speak to your insolvency practitioner or debt adviser before making a claim.

What if the finance company no longer exists?

If your PPI policy was taken out after 14th January 2005 your claim can be taken to the Financial Services Compensation Scheme (FSCS). The FSCS is the UK’s compensation fund of last resort. They may pay compensation if a firm is unable, or likely to be unable, to pay claims against it. This usually takes place when the original lender either no longer exists or is bankrupt.

How will this affect my relationship with the lender?

A claim should not affect your relationship with the lender, because it is the lender’s duty as part of the FCAs “Treating Customers Fairly” (TCF) initiative to ensure that all customers are treated fairly.

The FCA are very serious about this being carried out, saying: “TCF remains a vital part of our supervisory approach and as such, it has been fully integrated into our core supervisory work. This will help to safeguard the legacy of the significant effort made by the FCA and by firms on their TCF programmes, in terms of improved outcomes for consumers. Where we find failings, we will use our full range of regulatory powers to take action.”

What do I need to make a Mis-sold PPI Complaint against HSBC?

To establish if you have a claim against a lender, documentation is important and will make life easier.

If you no longer have old financial agreements it is worth contacting the bank or financial institution concerned. Depending on the time that has lapsed since the end of the agreement, banks are obliged to keep your records for six years after you last used the account. After this time, they do not have to keep any paperwork.

This doesn’t mean that you can’t make a claim, you can, providing you can show any evidence to support a claim.

This may seem like too much hassle. If this is the case, use our Free PPI Check service and we can do the work for you.

Claiming HSBC PPI

If you were mis-sold PPI on a loan, credit card or mortgage taken out through any of the above-mentioned providers you should be able to claim compensation from HSBC.

How long do I have left to claim my HSBC PPI?

A deadline of 29 August 2019 has been set by the FCA for all mis-sold PPI claims to be submitted by. If you do not put your claim in before this time you will not be able to claim.

How long will it take for my HSBC PPI claim?

The start of a claim is the pre-submission stage. From the time of the request being sent to the lender, to getting a response that determines your PPI status, will take on average six weeks.

The average time frame for a claim from getting an acknowledgement from the lender to getting a decision is approximately 8-16 weeks.

How much could I claim from HSBC?

There are several factors that will determine how much compensation you can claim.

It can depend on the number of accounts you have. If you have more than one account which has had PPI added to it, you will have made more than one payment for PPI each month. Together these amounts will be the basis for what you may be entitled to receive.

If you have had several different credit card accounts, these may have had PPI policies attached to them with the monthly premiums being calculated as a percentage of the amount outstanding.

You may be able to claim a substantial amount in PPI compensation, especially if your credit card balance was close to the limit.

Depending on how long you have had the accounts could be another factor in determining how much compensation you may receive. The longer you’ve been paying PPI premiums, the more you could claim back.

If you are unsure of any of the above factors, it may be worth starting a free PPI check to find out where you stand.

How to start your HSBC PPI claim?

We’d like to discuss the details of your case with you, so your complaint can be lodged with HSBC on your behalf as quickly as possible.

  • Start your Free PPI check process by using our online form. Completing the required information will help to establish if you have held a policy with HSBC; or
  • Complete our online claim form to start your claim.

High levels of HSBC PPI commission explained

Banks and other providers are paid a commission by an insurer when a PPI policy is sold. The more policies that are sold means a hefty sum of commission is paid out.

However, high-levels of commission is when you’ve paid more than half of what you’ve paid for the PPI policy.

The FCA introduced new rules in March 2017 after a Supreme Court ruling in the case of Plevin v Paragon Personal Finance 2014, which outlines how PPI commission complaints are to be dealt with.

What is the Plevin Ruling?

The name Plevin has been mentioned in the press and media in connection with PPI but you may not have taken note about what it is or it’s effect.

Plevin refers to a case that was won by Susan Plevin in 2014, a retired college lecturer in which she claimed that the PPI on her loan with Paragon had been mis-sold to her on the grounds that it didn’t meet her needs. It was during this time she learned that the single PPI premium contained a substantial commission charge that went directly to the brokers involved.

Plevin went back to court to argue this fact. The case went all the way to the Supreme Court on appeal, which found that the PPI charged (£5,780) consisted of high levels of commission (71.8%) which hadn’t been disclosed to Plevin, this created an ‘unfair relationship’ between the parties under the Consumer Credit Act 1974.

The final judgement in the case was that an unfair relationship had been created between Plevin and the lender but also that the PPI had been mis-sold to her.

What effect will the Plevin ruling have on my HSBC PPI Claim?

What this means for claimants is that you may now be able to claim if your provider earned a high level of commission from your PPI and this wasn't made clear to you when taking out the policy.

It also means that the new rules have made it more likely that claims, including those that were rejected in the past, may well now be successful.

If you’ve already claimed and received a payout, you cannot claim again.

However, if you had PPI in the past you may not have been mis-sold the policy, but you may still be due to a pay-out. Banks now need to take into consideration the Plevin rules which means a previously rejected claim could be successful.

If your mis-sold PPI claim was previously rejected, you may be able to complain about the commission if:

  • The PPI policy was sold with the credit arrangement on or after 6 April 2007;
  • The PPI policy was sold with the credit arrangement before 6 April 2007 and was still running on or after 6 April 2008;
  • 50% or more of your PPI premium was the pure commission for the lender which was unknown to you. The extra paid may be refunded to you.

However, another case, Doran v Paragon Personal Finance June 2018, was decided by a District Judge in a County Court. He awarded the claimants all their high commission payments back plus interest.

The case of Doran does not set a precedent like Plevin case does, as it was decided in a lower court and may yet be appealed by Paragon Personal Finance.

Customers who have already been successful in their claims for mis-selling cannot claim under the Plevin rules. This will still apply after the recent Doran case. Lenders will only consider claims for undisclosed commission if the customer has been rejected for a mis-sale.

How to check & complain about High Commission on HSBC PPI?

If you feel that you have paid high commission for a PPI policy, you may be entitled to compensation, please complete our online PPI High Commission Check Form.

Please note: If you have already claimed PPI successfully on your HSBC finance agreement you will not be eligible to make a further claim under the Plevin rules.

Next of Kin Mis-sold PPI Claims

An area of mis-sold PPI that is often overlooked because many people do not know about it is claiming on behalf of a deceased spouse or other family member who has passed away. For example, if you knew your spouse was paying for PPI before they passed away and you have concerns if it was mis-sold, you should find out as you may be entitled to claim it back.

Each month a sum of money was paid for a PPI policy that covered the policyholder should they repayments become unaffordable because of illness, accident, redundancy or death.

The PPI policy would have been sold by a bank, building society or other financial provider such as an insurance company or broker.

There have been many cases of banks, lenders and other providers selling PPI to customers who would never be able to claim on it.

The are several situations that could apply to your spouse or family member that would make them ineligible for PPI. These include:

  • Having a pre-existing medical condition or if someone was;
  • Being self-employed or retired at the time of taking out the cover;
  • Public sector workers, civil service workers and those in other similar employment may have protection through their employment contracts, so did not require PPI;
  • Some customers were not aware that they had PPI as it was added on with their consent or knowledge;
  • Customers being led to believe the PPI cover was compulsory when it was optional, indicating that they didn't understand what the cover was for.

If you, as an executor, personal representative, or next of kin know or suspect that any of the above situations applied to your late spouse or family member, look further into it as there is a strong possibility that the PPI was mis-sold.

Here's what you need to do:

  1. Establish if your spouse or family member was paying for PPI on a credit card, loan or mortgage.
  2. Try and work out if the PPI was mis-sold based on the situations described above.
  3. Decide how you want to pursue the claim: yourself or by using PPIClaims.co.uk. By using PPIClaims.co.uk we do all the hard work, so you don't have to.

If you think there may be PPI on any loans or credit agreements that were take out by a deceased spouse or family member it is worth getting a FREE PPI check done to know for sure.

Organisations Who Can Provide Information & Help on HSBC PPI Complaints

There are some regulatory bodies who can offer information and assistance regarding PPI: The Financial Conduct Authority, the Financial Ombudsman Service and the Financial Services Compensation Scheme.

The Financial Conduct Authority
12 Endeavour Square
E20 1JN

Tel: 0800 101 8800

The FCA are the finance industry regulator, whose role it is to protect consumers. They will provide general information about PPI but cannot offer advice on an individual basis.

The Financial Ombudsman Service
Exchange Tower
E14 9SR

Tel: 0800 023 4567

The FOS provide a free, independent dispute settlement service between financial businesses and their customers. They can deal with a wide range of finance based complaints including PPI.

Financial Services Compensation Scheme
PO Box 300
GL17 1DY

Tel: 0800 678 1100

The Financial Services Compensation Scheme(FSCS) may be able to offer compensation if a PPI provider you purchased a policy with is no longer trading, providing they were an authorised financial business.

Other organisations who can also help are:

Citizens Advice
Gazette Buildings
168 Corporation St
B4 6TF

Tel: 0344 477 1010

Citizens Advice have offices across the UK. They provide free, confidential and independent advice to help people overcome their problems.

The Money Advice Service
Holborn Centre
120 Holburn

Tel: 0800 138 7777

The Money Advice Service was set up by the government to help people manage their money by offering free and impartial advice.