In May 2011 HSBC announced it had allocated £269 million to deal with payment protection claims. The decision came after The British Banking Association (BBA) lost its High Court challenge regarding new Financial Service Authority (FSA) guidelines to more closely regulate the sale of PPI. The BBA, supported by most major banks, felt the new guidelines were unfair to lenders as they would potentially force them to examine the sale of old policies against new guidelines. The FSA argued these were not new rules just a clarification of existing ones. The High court agreed with the FSA. The court’s decision has forced many banks to revaluate the way they approach PPI claims and HSBC is not alone in allocating funds.
To find out whether you may be entitled to make a PPI HSBC mis-selling complaint you should start by thinking about the information you were given when you took out your policy. Were you told something that later proved to be incorrect? Did the salesperson fail to give you full information regarding the policy or costs? Were you misled regarding the coverage on any other aspect of the policy? If so then it is possible your policy may have been mis-sold and you may be entitled to make a PPI reclaim.
The amount of compensation you could receive, if mis-selling is proven, will depend on the age and size of your payment protection policy, but we aim to get a full refund of premiums paid for every customers plus interest at 8%. It is also important to note there is no limit to how many claims you could make, as long as you believe each policy was mis-sold, and you can even make a claim if you have already paid off your loan, mortgages or credit card. For more information regarding making a PPI HSBC claim call our team on 0207 471 2000.
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