The banks have been exposed yet again for undertaking in illegal activity which quite simply robbed hard working uk tax payers of their money. One thing that has become clearly apparent since the economic downturn of 2008, which saw the UK treasury spend billions and billions of tax payers money (the biggest bank bailout in the history of the world), is that the banking industry is one of the most capitalist, uncaring sectors of the global economy.
The latest banking scandal to hit the headlines is called cpp insurance (card protection insurance). CPP Insurance involved a company sub contracting on behalf of the banks selling insurance that has been exposed as unnecessary, just like the PPI (payment protection insurance) was.
The FSA (Financial Services Authority) often dubbed the ‘toothless tiger’ has fined the company involved in this insurance activity 10.5 million pounds and stated that people affected by this banking scandal are eligible to reclaim their lost cash.
This unnecessary insurance was reportedly sold to over 4 million UK citizens and netted the banks a profit which ran into the hundreds of millions of pounds. (Easy money when you aren’t actually providing any additional service for CPP payments)
This recent insurance scam revelation is just one in a long list of serious banking misconduct cases over the course of the last few years. The most notable bank scams that have come about since 2008 are PPI, Libor and CPP. All of these mis-selling and interest rate swap cases mean that people who have been affected are 100% owed money and have a right to claim the lost money back and in some cases seek compensation and damages.
The CPP insurance being sold to customers was working on the premise that the person taking out the card protection insurance would benefit from 100,000 pounds worth of insurance when in reality the insurance they were taking out was not needed as their bank already covered them for said insurance.
We are a team of legal eagles who deal with CPP (Card Protection Insurance), PPI (Payment Protection insurance) and even LIBOR (London Interbank Offered Rate) claims. If you have been affected and you want your money back then get in touch. To get the ball rolling fill out the contact for over on the right. We can assure you that we don’t charge money up-front and treat each enquiry with respect no matter how small or large the re-claim and compensation may be.