HSBC - How to reclaim PPI

**LouieJ** · 31st May 2011, 19:05:PM

Re: HSBC - How to reclaim PPI

HSBC have updated their site, maybe we may start seeing some movement from them soon...

Background
In October 2010, the British Bankers' Association (BBA) sought a Judicial Review against the Financial Services Authority (FSA) and Financial Ombudsman Service (FOS) in relation to the way the UK's banks handle complaints about Payment Protection Insurance (PPI).
The BBA decided to seek the Judicial Review as it was concerned about the powers the FSA and FOS had to apply new standards to old sales. The FSA was effectively creating a precedent of applying new rules to previous sales - even where those sales were regulated by other FSA rules.
On 20 April 2011, the High Court dismissed the BBA's Judicial Review application in its entirety. In effect this meant the banks accepted the new rules and guidelines that the FSA and FOS apply to PPI complaints and agreed to abide by them.

Complaints

If you wish to make a complaint
We're sorry that you have a concern about Payment Protection Insurance (PPI) and we promise to do our best to investigate your complaint as swiftly as we can.
If you have already made a complaint, there's no need to do anything further. We will review it as soon as possible and then write to you confirming the outcome of our investigation.

If you have a complaint, we would like to stress that there is no need to use a claims management company to do so . While you are of course free to do so, the claims management companies (CMC) usually take a fee or percentage of any compensation you are paid.

If you contact us direct we will assess your complaint in exactly the same way that we treat complaints sent in by a CMC and you won't have to pay them a fee or any percentage if we do end up compensating you.

You should write to us at:
HSBC, Regulated Sales Complaints
120 Redcliff Quay,
Redcliff Street,
Bristol,
BS1 6HU

Please provide full details of why you believe you were mis-sold PPI. You may find it helpful to complete and send us the questionnaire available on the Financial Ombudsman Service website. Sending us this form should ensure we have all the information we need to process your complaint efficiently and as quickly as possible.

Frequently asked questions

To make the whole process as straightforward as we can, we've listed below some frequently asked questions about PPI and further independent sources of information for you if you have any further questions.

What was the outcome of the Judicial Review?

In April the High Court announced that it had dismissed the British Bankers Association's (BBA) Judicial Review application, which challenged the way the Financial Ombudsman Service and Financial Services Authority said banks should handle complaints about the sale of Payment Protection Insurance (PPI). The Court dismissed the Judicial Review application in its entirety.

What is HSBC's position with the High Court judgment?

HSBC accept the High Court's decision and we will work closely with the Financial Ombudsman Service and the Financial Services Authority to ensure we handle all Payment Protection Insurance (PPI) complaints in accordance with the policy statement.

Why has HSBC taken so long to respond to the outcome of the Judicial Review?

Following the High Court's decision we spent some time reviewing the judgment thoroughly to make sure we understood the details, and that we properly considered what this means for HSBC and our customers.

I hear that you have set aside £269m to pay for compensation, what happens now?

We will be implementing the FSA's policy statement in full and we are now reviewing both new complaints and any we put 'on hold' pending the outcome of the legal proceedings. Complaints will be measured against the standards set out by the FSA and, where appropriate, we will be paying compensation.

I have a PPI complaint in process, what happens now?

Customers with existing PPI Complaints do not need to take any further action. We are doing our best to resolve existing complaints as soon as we can. We will be writing to these customers to provide them with an update as quickly as possible.

A claims management company has offered to handle my complaint for me. What should I do?

We will assess complaints sent directly to us in exactly the same way and in the same timescale as complaints sent in by a CMC, so there is no need to use their services.For independent guidance on how CMCs work visit the Which? website.

What else do I need to know about the process?

If you need more information you might find it helpful to consult the Financial Ombudsman Service (FOS), which provides an independent source of information. Visit it at Financial Ombudsman Service.

How long will it take you to resolve my complaint?

We are doing our best to resolve all complaints we receive as soon as we can. We have already started the process for complaints already lodged with us but please be aware there may still be a delay before you hear from us. We will be writing to customers with existing complaints to provide them with an update as quickly as possible. If you have any questions please contact us at the address above/below.

I would like to complain about a PPI policy that was sold to me in the past, what do I need to do?

There is no need to use a claims management company to complain - it is easiest if you make complaints directly to HSBC and we will handle your complaint in exactly the same way.

You should write to us at:
HSBC, Regulated Sales Complaints
120 Redcliff Quay,
Redcliff Street,
Bristol,
BS1 6HU

In your letter, please provide full details of why you believe you were mis-sold PPI. You may find it helpful to complete and send us the questionnaire available on the Financial Ombudsman Service website.
Sending us this form will ensure we have the information we need to process your complaint efficiently and as quickly as possible.

HSBC - How to reclaim PPI

HSBC - How to reclaim PPI

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