Court Ruling Supports Our Claims
We have been claiming that UK’s bank hid and did not disclose secret commission payments they received from insurance companies.
The banks bill to cover the cost of PPI is set to increase massively. When the PPI scandal first came to light the high street banks thought they would get away with only setting aside £1.2 Billion because they did not believe their customers would claim their PPI payments back. Thanks to claims management companies such as Caledonia Claims trading as PPI Claims Scotland bringing claims to light they now set aside more than £27 Billion, which could more than double. The FCA stated that it seriously considering new rules as a result of a landmark court ruling which will result in new claims for compensation for mis-sold PPI.
Your Bank received enormous commission payments without telling you when they sold you PPI. The information was made public when the court case notes were released that intermediaries – like your Bank – were charging almost 75% commission from your PPI payments. That means in some cases for every £100 you paid for PPI, £75 was commission to the Bank and you actually only paid £25 for the insurance.
In November Lord Sumption ruled that failing to disclose commissions led to a “sufficiently extreme inequality of knowledge and understanding” and that there was a “tipping point” in that inequality.
What Does This Actually Mean?
This means that you can now claim back your PPI payments if your bank did not disclose commission payments it received as a result of selling you PPI. Even although you lost out your Bank still got paid commission, which you will agree is not fair. PPI can be very complicated and it can be difficult to get compensation on your own.
Caledonia Claims can help you reclaim what is rightfully yours, with interest. If you’ve read the above and feel that you may have been the victim of a mis-sale, then we can remove the hassle of dealing directly with the people who sold you PPI.
How To Get Started
Start your no win no fee claim now, you can contact us on 0141 416 1012 or use the form to get started NOW.