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HSBC mis sold PPI

It has been very difficult to avoid news regarding the payment protection insurance scandal in recent years. There have been several high profile investigations, thousands of customer complaints and, most recently, a High Court review.

The High Court review was requested by the British Banking Association (BBA) and came in response to the announcement of new Financial Service Authority (FSA) guidelines regarding the sale of the cover. The new guidelines were designed to offer customers heightened protection from the threat of mis-sale and to prevent a repeat of the mis-selling scandal. The BBA objected to the new guidelines as they felt they would force banks to apply new standards to old sales and potentially cost lenders millions. The FSA rejected this idea, though, and stated the guidelines were a clarification of existing rules only. While the judicial review was pending, HSBC mis sold PPI claims and claims against several other major lenders were placed on hold.

In May 2011, the High Court returned its verdict finding in favour of the FSA. After the decision was a revealed, several key UK lenders announced they would allocate funds to deal with the payment protection claim issue. HSBC was one of these lenders announcing it would allocate £269 million to investigate PPI claims and pay compensation as necessary.

If you are unsure whether you have HSBC mis sold PPI and whether you could be able to make a claim you should consider how your policy was sold to you. Were you given full information? Did any of the information later prove to be incorrect? Did you feel under undue pressure to take out a policy or were you told it would improve your chances of being given credit? Were you sold a policy that later proved to be unsuitable for your needs or that you were ineligible to use?

To find out more, call 0207 471 2000.

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