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History of the PPI Claims Scandal

The PPI Claims Scandal A Brief History How the biggest scandal in UK financial history came to be! Mis-sold Payment Protection Insurance (PPI) has become the biggest scandal in UK financial history. Estimated to cost the banks a staggering £35billion, this long running saga is set to come to an end in the spring of 2018. Which? Protection Racket 1998 Sep 2005 Nov 2005 Which? Magazine identifies PPl as a poor value product The Citizens Advice Bureau (CAB) publishes "Protection Racket" – a report identifying the problems in the PI market FSA issues report on PPI - identifies improper sales practices and lack of compliance of OFT COMPETITION COMMISSION Jan 2007 FSA imposes fines on the major PPI providers for treating customers unfairly Feb 2007 Oct 2006 OFT make formal referral regarding the mis selling of PPI to the Competition Commission Office of Fair Trading (OFT) issues report on PPI mis-selling May 2008 Which? publishes report - discovers 2m people may have been mis- sold PPI Jan 2009 Competition Commission recommends that banks selling loans should not sell PPI at same time May 2009 The FSA bans the sale of single-premium PPI policies FSA BRITISH HIGH COURT CLOSED PPI Complaint Handling Guidelines Oct 2010 Sep 2009 The FSA launches consultation paper outlining how to handle PPI complaints Nov 2010 Banks put all PPI complaints on hold pending outcome of the Judicial Review Banks, led by the British Bankers Association (BBA) request a Judicial Review of the new guidelines, arguing that they impose rules retrospectively LLOYDS BANKING GROUP V BARCLAYS HSBC O Royal Bank The world's local bank of Scotland April 2011 High Court Judge, rules in favour of the FSA and FOS giving the banks 21 days to appeal May 2011 Lloyds Banking Group became the first to withdraw from legal challenge. Others (Barclays, HSBC, RBS) follow suit Jul 2012 PPI becomes the most complained about product in UK banking history 3 3 3 3 33 of Oct 2015 Feb 2013 Lloyds fined £4.3 million for delaying PPI payouts Jun 2015 Banks in talks with the FCA to negotiate PPI Lloyds fined a further £117 million for mis- handling PPI complaints claims deadline Claiming Back Mis-Sold PPI If you believe you were mis-sold PPI, it's important to act now, before it's too late. May 2016 Decision on whether or not PPI claims deadline wilI be imposed is expected For advice, or to have your PPI claim handled for you, call Oracle Legal Ltd on 0800 840 7292 or visit May 2018 Anticipated cut-off date for PPI complaints Cracle legal

History of the PPI Claims Scandal

shared by oraclelegal on Nov 13
Timeline chronicling the Payment Protection Insurance (PPI) scandal from start to it's eventual finish in 2018


ppi claims


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