Founded in 1769 Lloyds Bank is one of the most predominant banks across the UK, named as one of the ‘big four clearing banks’. Considered to be a highly reputable company, Lloyds is the most extensive retail bank across Britain, with numerous banks based across every part of the UK.
It is commonly known that Lloyds Bank was one of the main culprits involved in the PPI scandal. This quickly caused many clients to lose faith in the bank, and since this scandal Lloyds bank has failed to recover the situation in an appropriate manner. Causing more problems for clients and continuing to breach fundamental precedents.
PPI was wrongfully added onto clients’ payments for bank loans, credit cards, store cards and mortgages. PPI was mis-sold to many customers via wrongful tactics, such as telling the customer that the loan would only be approved if PPI was added, or that PPI being added would make the loan more likely to be accepted. In some cases, PPI was added on to customers’ payments without them even knowing it.
Having recently been analysed by ‘Watchdog’, it has been said that Lloyds have committed ‘serious’ breaches over PPI policies, being the lender which mis-sold most PPI policies in the UK.
It has been found by the Competition and Markets Authority that Lloyds have failed to contact hundreds of customers regarding their annual statements over the last five years, a requirement for banks. This particular breach could be an attempt to avoid highlighting to customers that they had PPI mischarges therefore preventing customers from claiming back the money which is owed to them. In some cases, Lloyds have delivered incorrect information to their clients, and in other cases had overcharged customers.
It has recently been considered by the Financial Conduct Authority that they should impose a two-year limit on PPI claims, with a deadline of mid 2019 for all claims. During this consideration, the continuous and numerous breaches of rules and regulations carried out by Lloyds Bank were discovered, and therefore the deadline is still being decided on, and the decision is due to be made in the first quarter of this year.
With a deadline for PPI claims possibly on the horizon, it is highly advisable to research your finances, ensure that you know exactly where your money is going, and look into the possibility that PPI could have been added onto your bills without your knowledge or approval. It could even be the case that you have missed out on annual statements, or been given incorrect information.
If you are unsure if you qualify for a refund for mis-sold PPI, it is important to find out if you are owed any money before the deadline is applied. You can start this process by conducting a free PPI check. You don’t need any account details just complete the free check online form and you will receive the relevant forms to sign free by post, simply provide your name, date of birth and the address of where you lived at the time of the loan and return the forms and you could receive a large repayment.