Numerous well known banks and financial lenders have recently been fined by the Financial Services Aurthority (FSA) for mis-selling PPI and mortgages. Many of these lenders have since apologised for their actions but netherless here’s our list of the top 10 culprits you may want to take extra care reading over the small print with.

Alliance & Leicester - fined £7,000,000
Alliance & Leicester were accused of aggressive sales techniques, failing to let their customers know that their insurance was optional and putting pressure on customers who did question their PPI. They’ve since promised to pay back their customers who were mis-sold PPI.

HFC Bank - fined £1,085,000
Crimes include lack of adequate systems and controls, failing to monitor the sales of PPI and lack of advice and care for customers. It is also claimed they offered the most expensive PPI policies.

Liverpool Victoria Banking Services (LVBS) - fined £840,000
Another found guilty of adding PPI to their customers agreements without their consent. Recorded calls revealed LVS workers would pressure their customers into accepting the insurance despite them not needing or wanting it. 60% of the 97 reviewed calls revealed non-compliant customers as they hadn’t asked for it, consented to it or even in some cases being made aware of it at all. Premiums were also then added on to the loan meaning customers were also paying interest on PPI they hadn’t wanted. LVS are now being investigated for mis-sold mortgages.

Egg - fined £721,000
A credit card company accused of pressuring their customers to take out PPI. Customers not wanting to take out PPI were met with specially trained staff who would over- emphasise the benefits of PPI and advise customers they could cancel this protection at a later date if they changed their mind. Those that refused PPI usually got it added to their credit cards anyway. For every 10% of customers who were on the receiving end of these forceful sales techniques Egg are expected to to pay out approx £1,670,000.

Capital Bank - fined £610,000
The FSA believe this company  failed to have adequate systems and controls. Its also been claimed they didn’t treat their customers fairly or give responsible advice when selling PPI.

More companies fined for mis-selling PPI and mortgages that you should be aware of include

• Capital One
• Black Horse
• Redcats
• Regency
• Loans.co.uk

If you feel you’ve been mis-sold PPI or a mortgage please fill in our quick claim form located at the bottom of our home page and we will be in touch to hopefully claim back what is rightfully yours.

www.cloud9claims.co.uk

Claim compensation for your Mis sold Mortgage or Reclaim PPI on a loan, mortgage, credit card or other financial product.