Latest News


PPI – Santander too blots its copybook

Santander Bank UK now joins that most infamous club of banks that find themselves caught up in the PPI mis sold payment protection scandal; the impact of which is now beginning to show up on their financial results. Reputation and share value too are badly affected, all due to greed. And this was a bank that were making big in roads in the banking world…that progress has slowed, they to have been sullied the good name of banking. How sad they too have blotted their copybook…Our own banks have had a reputation of dodgy dealings for some years.

Founded in Spain in 1857, Santander is now up there with the world banking giants, as a commercial and retail bank it has a presence in 10 principal markets in both Europe and both sides of the American border. It is by far the largest bank in the euro zone and in 2009 it was the fourth largest bank in the world in terms of profit. Following its entry onto the UK market in 2004, Santander was gaining a fine reputation: sadly, it is now tarred with the same brush as the other greedy institutions.

The bank’s recently released figures for the first half of 2011, reveal that the huge compensation pot of £538 million which they put away to cover the expected influx of claims has blown a huge hole in their profits; however, bonuses were no doubt still paid out as they still managed to show a profit of something over £3.5 billion.

Those banks embroiled in the PPI scandal are taking a similar financial hit. Confidence in the banking industry is at an all time low, and this is fact reflected over the whole of the UK banking industry. All are now feeling the backlash of years of abuse and greed.

It should not be forgotten that the banks and other providers have for a good number of years been raking in huge profits from mis selling insurance policies to loyal and trusting customers.

There will be little sympathy for drops in bank share prices and job losses within the banking and financial sector…when people need a loan they enter the arrangement with eyes wide open, knowing they would have to pay interest, they didn’t expect to be robbed by the bank at the same time…isn’t that a bit like kicking someone when they’re down?

By way of compensation, customers will be reimbursed the total value of all premiums paid, plus 8% interest. It is expected the move could affect tens of thousands of customers and includes all those complaints that were put on hold during the judicial review into PPI. Barclays was the first bank to settle PPI compensation on a "no-quibble" basis.

Many people were sold payment protection insurance when there was no chance they would ever be able to make a claim.  PPI policies varied from provider to provider, which just served to further complicate matters and confuse – couple this with underhand and dishonest selling techniques – and you end up with a great many people owed money, people from all walks of life. No one was exempt from this scam, all were fair game; young, old, servicemen and women, anybody!

Banks must follow rules, we all do; they must be clear about their fees and other charges. They should be offering advice that is in the customer’s best interest, not offering advice that best suits their personal finances. In the past, the banks have employed some pretty slick selling techniques, displayed the lengths to which some of these so called advisors will go to increase their commission, or bonus, or their chances of winning some other kind of incentive. Mis-sold ppi delivered a massive blow to what was once perceived by many as an honourable and trustworthy industry, this latest scandal just drags the whole thing down even deeper.

Anyone who suspects they may have been mis sold a policy, and can claim back PPI, should now take steps to get their money back. This is not complicated, isn’t a stressful ordeal, just give one of our team a call and we will quickly help establish if there is money due to you






Add your own comment to this article







Your comment has been submitted   (A moderator will approve this shortly).



< Click to view article archive


BulletpointsAverage claim value £2500

BulletpointsNo Win – No Fee* PPI Claims

BulletpointsNo Upfront Fee's

BulletpointsOn average our PPI claims take 12 weeks

BulletpointsCompetitive 20% inclusive of VAT Success Fee

BulletpointsProven track record* for all PPI claims


How much money could you be entitled to?
Make Your PPI Claim





















Next

< BACK





















Add another lender
Next

< BACK





















Add another lender
Next

< BACK





















Add another lender
Next

< BACK





















Add another lender
Next

< BACK





















Add another lender
Next

< BACK

















Next



< BACK













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!