Claim HSBC Plevin PPI compensation

What is HSBC payment protection insurance?

If you had a loan, mortgage, or credit card with HSBC between the years 1985 and 2010 you could be eligible for both a refund and compensation for mis-sold PPI.

PPI or payment protection insurance was a product sold in addition to financial agreements. For example, when entering a credit card, mortgage, or car finance agreement, customers had the option to add PPI to their policies for added financial protection. Those who chose to purchase this extra may have been completely unaware that they were in fact making regular PPI payments within their agreements.

An international banking giant, HSBC has millions of customers from across the world. One of the UK’s ‘Big Four’ banks, the brand is one of the largest financial services and banking organisations on the market.

There are many factors that influence whether customers may be eligible for PPI compensation from HSBC. Mis-selling of PPI was a prevalent occurrence amongst lenders and brokers and essentially meant thousands splashed out on potentially worthless cover. Sales professionals were often hugely sale financially motivated to sell PPI whenever possible.

What is a HSBC Plevin PPI claim?

The deadline for PPI claims was 29 August 2019, however, customers who were mis-sold PPI with any undisclosed commissions may still be eligible for compensation.

Hidden PPI commissions formerly occurred when an introducer or broker sold you an agreement from a bank or a lender. With this in mind, if the agent or broker received a cut for this introduction, and you were unaware, you had a policy with secret commission and fall under the Plevin compensation criteria.

In 2014, Mrs. Susan Plevin objected to not being able to claim against her PPI mis-selling and a Supreme Court case ruling in her favour shortly followed. This ruling has transformed the landscape of PPI refunds as it was deemed unfair to not disclose hidden commissions, some of which were over 65% for introducers.

With a new precedent set, similar ‘Plevin’ cases are now a legitimate and FCA recognised route for compensation. Instead of centering around the potential mis-selling of the product itself, Plevin claims need only highlight that significant levels of hidden commissions were obtained as a result of the agreement.

How to claim Plevin PPI from HSBC

For those wondering if they may have a refund in the pipeline, it’s important to note whether your personal protection insurance agreement was sold within certain circumstances.

If now is the first time you have considered claiming, it’s certainly worth investigating whether your policy was mis-sold. Following on from the above, if you have already filed a claim and it has been rejected, you may have a new one in light of the Plevin case. Finally, if you bought your PPI before the 6th April 2007 and it is still ‘open’ after the 6th April 2008 you should explore the possibility of both a refund and compensation. Alternatively, if you bought your PPI after the 6th of April 2007 this could also be an option.

Currently, it is estimated that over a million people from across the UK could now fall under the Plevin compensation ruling and with some claims attaining thousands of pounds for customers, now is a great time to check your own eligibility.

HSBC partially refunded PPI compensation

Regulated by controversial guidance from the FCA, banks have been issuing PPI refunds and compensation for a long time. This such guidance obliged the bank in question to compensate only the refund of the difference over 50%.
Subsequently, a vast proportion of claims have seen banks refunding an average of only 17% of customer premiums and additional fees.
If you received only a partial refund when initially submitting your PPI claim, the Plevin ruling could mean you now have grounds for a further case.

Don’t Delay. Check Now.

Don’t miss out on £100’s or even £1,000’s in compensation you could be entitled to. Checking only takes 5 minutes, so why not do it now?