NatWest and The PPI Scandal
The Payment Protection Insurance scandal is the biggest and costliest to ever hit the UK financial sector with an estimated 45 million policies sold over the course of 20 years from 1990.
We’re here to help those who have been mis-sold policies and claim back refunds of their hard-earned cash. Since 2007 we have
reclaimed over £274 million.
PPI: What is it?
The banks and lenders would have you believe that PPI is a complex product, but in reality the basics are very simple. Payment Protection Insurance was an optional policy that was attached to finance products, such as loans, mortgages and credit cards.
The insurance would cover the individual should they be unable to make the monthly payments. There are numerous reasons that would prevent people from being able to cover their monthly repayments, these
- Long-term Sickness
How Has PPI Impacted NatWest?
In 2011, NatWest saw complaints rise by over 70% in only half a year and this was mostly due to the mis-selling of PPI. The bank, clocked up 100,000 plus complaints in just six months; the equivalent of more than 800 a day.
This data affected NatWest’s reputation, considering that its ‘Customer Charter’, which was advertised considerably, proclaimed them to be ‘Britain’s most helpful bank.’
NatWest has so far paid out over £2billion to customers who were mis-sold PPI policies. This figure consists of £300million just to settle administration costs with the rest being paid out to customers.
NatWest clocked up 100,000 plus complaints in just six months; the equivalent of more than 800 a day
How Did NatWest Respond to PPI?
Once the authorities began investigating PPI, they told the banks unequivocally that they needed to repay the money they took from customers, and this
amounted to millions.
NatWest contacted their customers and informed them that they may have been mis-sold and could be due a refund. NatWest provided their customers with
all the necessary PPI forms to fill out to ensure that making a claim was simple. However, recent data released from the Financial Ombudsman Service (FOS)
revealed that thousands of PPI complaints were wrongly rejected, which has forced customers to upscale their claims to the FOS, who investigate cases of
banks rejecting legitimate PPI claims.
NatWest have been complicit in this, and have had a massive 40% of claims upheld by the Ombudsman, this shows that the banks are attempting to buy some
time and it proves that despite massive fines and reprimands, banks are still refusing to deal with customers fairly.
This could still mean that thousands of complaints have been unfairly rejected. NatWest have set aside further provisions to deal with this eventuality.
happy to re-submit your claim on your behalf as you could still be due a refund.
Claiming a refund for PPI payments
Claiming a refund for what is rightfully yours can be easy, PPI.co.uk has been helping our customers since 2007, getting refunds for them is exactly what we
strive to do and during this period we’ve achieved a hugely credible standing with banks and lenders.
Because of our standing in the industry we have a unique process with the major banks and lenders, which means that we’re not required to submit anything
more than a name, date of birth and an address at the time the policy was taken out. Once the banks have this information they’re able to access their databases
and determine if any PPI was added onto any finance you may have taken out.
It’s quite easy to procrastinate and put things off until tomorrow but more often than not, tomorrow never comes.
So, if you believe that you have been mis-sold PPI,
it’s important to act now before it’s too late.
Alternatively, you can apply directly to Natwest for a refund. According to NatWest the following information will be required to process any claim:
- Any PPI account policy numbers.
- Details of the key dates of the policy.
- Information about how the policy was sold.
- Employment status at the time the policy was sold.
- Details of any savings or other insurances you had when you took out the policy.
- What you took out the finance for and the amount you paid off.
What is the benefit of using PPI.co.uk to make your PPI claim?
Recent figures estimate that over half of all claims that are made without the guidance of a company like PPI.co.uk are rejected. This is because the claimant
either hasn’t got access to the required information or because they don’t have the experience of dealing with the way NatWest works.
Cases of PPI are seldom the same, and some, mostly older policies are very difficult to achieve results on. We pride ourselves on our ability to navigate the
tough policies and have built an upstanding reputation because of it.
There is a deadline for you to submit a claim for a refund
The FCA has officially announced a ‘claim by’ deadline of 29th August 2019.
PPI Claims Deadline
Mis-sold PPI Compensation claims MUST be made by 29th August 2019 under proposals announced by the Financial Conduct Authority (FCA).
It is important to understand that in some cases, you may have less
time than this.
The big five banks have paid out £24bn
in compensation so far and have set aside a further £32.6 billion to deal with the estimated claims that will come forward during that time.
It’s essential for you
to check if you were un-knowingly mis-sold PPI at any time. Begin a free check with us today before it’s too late! it’s completely FREE!
Were You Mis-Sold by NatWest?
PPI was mis-sold in a variety of different ways on products such as loans, credit cards and mortgages, so you may not even be aware that you qualify for a
Once the banks and lenders discovered PPI was an excellent source of profit, they began instructing their sales advisors to sell policies with the promise
of large commissions, despite being fully aware that in some cases they were peddling a product that was unsuitable for the customer’s circumstances, throwing
out any moral or ethical precedent.
- In many cases, customers were ‘opted in’ to a PPI policy without knowing about it and the high monthly premiums were hidden away within the monthly
- Sales advisors would often use overly aggressive techniques. If a customer refused or stated that they didn’t need a policy, the salesperson would then give
them the ‘hard sell’ which meant that all the potential pitfalls that could occur if they didn’t take out a policy were exaggerated as scare tactics.
- Some staff were told to use whatever techniques they could to sell policies. In many cases this kind of encouragement led to millions of people being sold
a policy that wasn’t applicable for them and therefore they couldn’t claim against it even if they needed to.
- PPI was a choice and people were free to choose, however many customers only agreed to take out a policy because they were led to believe that it was a non-optional part of the loan process.
UK mis-sold PPI scandal statistics
£10 BillionIn payouts alone in the UK.
By 2008, 20 million PPI policies existed in the UK that’s nearly 1 in 3 of the 2008 UK population
How Was PPI Uncovered?
The concerns about Payment Protection Insurance were raised in 1998 by Which? magazine – amongst their chief concerns was the price of the product and
the way it was structured to restrict the chances of any customers being able to claim.
Even though these concerns were brought forward, PPI was still widely mis-sold by financial outfits country wide, and NatWest were not an innocent party by
It took until 2005 for the appropriate authorities to clear up what had by then become something of a free-for-all. They compiled an in-depth report
of the way banks had been selling policies.
In 2006, small PPI companies began to get stung with large fines for their role in the mis-selling of PPI. In 2007 the big companies who thought themselves
untouchable were brought back to earth very quickly when they were slapped with fines reaching into the millions.
The Origins of NatWest
NatWest is a retail and commercial bank based in the United Kingdom. Since 2000 the bank has been part of the RBS Group, one of the largest banking groups in the world.
- In the 1960’s National Provincial Bank and Westminster Bank formed as National Westminster Bank. These two banks had history tracing back centuries.
- This merger enhanced the standing of the banks, creating opportunities to streamline key networks, enabling greater investment in the latest technology’s.
- The National Westminster Bank officially commenced trading, with the familiar three arrowheads logo.
- The bank grew quickly, with nearly 4,000 branches, and developed a wide array of services, including credit cards in 1972 and cash dispensers in 1976.
- In the 1980s new services were developed such as telephone banking, Home Loans and Small Business Loans.
- In the 90s financial service markets underwent massive changes all over the globe and the bank streamlined its efforts and officially adopted the title of
- In March 2000, The Royal Bank of Scotland Group completed the acquisition of NatWest in a £21 billion deal that was the largest take-over in British
banking history. NatWest is now part of one of the world’s largest financial services groups