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PPI – HSBC involved in yet another scandal

It seems the banking industry are nowhere near regaining customer confidence and respect following the recent Payment Protection Insurance scandal (PPI) in which the biggest financial institutes of our land were caught red handed swindling and cheating its customers. Millions of innocent consumers were systematically and deliberately mis advised and lied to for profit! It appears now; one bank in particular, has had another profitable little scam on the go!

HSBC has recently been fined £10.5m by the City watchdog for yet another mis-selling ‘adventure’, that of mis selling investment bonds to the elderly and sick in care. It appears that 2,485 customers of the bank's subsidiary NHFA were both advised and encouraged to invest, in order to pay for their care costs.

The investments were sold by NHFA sales staff, from 2005, up to 2010: to the vulnerable and infirm, with an average age of 83 years! These people were residents in care homes, or about to enter long-term residential care.

In response: HSBC will pay £29.3m in compensation and has said it was "profoundly sorry". Similar words to those used in the PPI mis selling scandal: but as the saying goes: words are cheap, words come easy.

The PPI scandal was however, far more lucrative. Payment protection insurance was supposed to provide protection for borrowers in the event that they were unable to make repayments toward their mortgage, credit card, or other type of loan. However, many lenders and financial institutions mis-sold PPI policies by offering them to individuals that were not actually eligible for protection coverage. As a result, many borrowers are now filing complaints and receiving their refunds.

High street banks and other providers absolutely loved PPI - it was very lucrative, carried large incentives and bonus payments: provided large profits for the banks while offering very little by way of return: It’s little wonder they fought so long and hard. PPI was intended to protect people who had taken out a loan or mortgage and ensure they were able to continue their repayments in times of hardship. Instead, it has served to only increase hardship for many millions.

Not all PPI complaints will lead to a bank or lender offering compensation. Payment Protection Insurance (PPI) refunds, although long overdue: are no less welcome as cuts and rises in unemployment begin to bite deeper. For many, the repayment of money due to them as a result of the scandal comes at a welcome time. Claims and loan refunds will no doubt ease the pressure for many households who will face hardship this winter due to spiralling energy costs.

If you think you may have been mis-sold a payment protection insurance policy, then speak to an expert. Whether you feel, or just fear you were mis-sold PPI by a bank, building society or other financial institution, you could be joining the tens of thousands who have already successfully received a full refund. You’ve nothing to loose, but perhaps, a lot to gain.

However, if you find the prospect of starting a PPI claim a daunting task, or don’t have the stomach to fill in lengthy questionnaires and having to deal with indifferent providers, then don’t worry – contact one of our team - we can usually give a quick answer as to whether you can claim back PPI, and if you can... we’ll act on your behalf - we’ll deal with the ‘indifferent sales staff’’.






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Congratulations! You're one step closer to receiving your compensation for mis–sold Payment Protection Insurance.


If all details look OK you will receive a Claim Pack through the post, usually within 48 hours. If there are any issues we need to discuss one of our advisors will call you.


Either way you need to return your Pack as quickly as possible to prevent any delays with your claim!