PPI: More compensation for Clydesdale and Yorkshire customers.01 May 2015
Clydesdale Bank and Yorkshire Bank will review all Payment Protection Insurance (PPI) complaints handled before August 2014 and then contact the customers concerned to offer appropriate redress. Clydesdale Bank Plc operates both the Clydesdale Bank and Yorkshire Bank brands.
The Financial Conduct Authority (FCA) fined Clydesdale Bank Plc (Clydesdale) £20,678,300 on 14 April 2015 for serious failings in its Payment Protection Insurance (PPI) complaint handling processes between May 2011 and July 2013. This is the largest ever fine imposed by the FCA for failings relating to PPI.
The FCA said the banks' flawed complaints handling process meant that, of the 126,600 PPI complaints decided between May 2011 and July 2013, up to 42,200 might have been rejected unfairly and up to 50,900 upheld complaints might have resulted in inadequate redress for customers.
The FCA said: "In mid-2011 Clydesdale implemented inappropriate policies which meant that its PPI complaint handlers were not taking into account all relevant documents when deciding how to deal with complaints.
"In addition, between May 2012 and June 2013, Clydesdale provided false information to the Financial Ombudsman Service (FOS) in response to requests for evidence of the records Clydesdale held on PPI policies sold to individual customers.”
MoneySave Solutions has processed tens of thousands of PPI mis-selling claims since the middle of 2012. Both Yorkshire Bank and Clydesdale Bank feature in the top twenty four (24) financial firms that we act against on behalf of our clients. Richard Bramham, CEO of MoneySave Solutions, said: “Our aim is to work closely with our customers to ensure they obtain the compensation that they deserve and to tackle time wasting and avoidance tactics as soon as we identify them”.