Almost all the major British Banks and building societies were in one way or another involved in the mis-selling of private protection insurance or PPI to millions of consumers. All these banks are represented by the umbrella British Bankers’ Association or BBA. All the biggest players in the banking industry including Barclays Bank, HSBC, Royal Bank of Scotland, Lloyds and other respected financial institutions in the UK were all involved. In total, there were some 20 British Banks involved in the mis-selling of the PPI to their customers.
The main culprits in the PPI scandal
With PPI compensation claims hitting 2.2 million this year, it’s clear that this was a scandal on a huge scale. So which financial institutions were the major beneficiaries or culprits in the PPI scandal? Based on the volume of bank charges claims filed by the various financial institutions, it is clear the main financial institutions involved in the PPI mis-selling were Barclays, Lloyds and the Royal Bank of Scotland according to the data released by the FSA earlier in the year.
For example, Lloyds was the most complained about Bank with over 391,000 complaints being made against it in the first half of the year. This was followed by the Royal Bank of Scotland which received over 290,000 PPI claims over the same period. Within the same timeframe Barclays Bank received over 280,000 complaints making these three the most complained about financial institutions.
Other banks involved in the PPI scandal
Apart from the big three, there were other financial institutions that were involved on the PPI scandal. These included major banks like HSBC which has also received a massive amount of PPI compensation claims in the first half of the year. Santander Bank had one of the highest rates of PPI issues that are specific to a particular bank with over 140,000 complaints filed. How far back can you claim PPI? from these banks also needs to be discussed.
The following banks were also involved in the PPI scandal: Clydesdale, Co-op, Halifax, Nationwide and NatWest-RBS. For additional information on the various banks that were involved in the PPI mis-selling, you can check out the FSA website at fsa.gov. It is important to note that there were other financial involved in the mis-selling of the PPI apart from the banks and these included many building societies and even insurance brokers.