Reclaim your GE Capital Bank PPI - Payment Protection Insurance Claims

30 January 2007 The Financial Services Authority fined GE Capital Bank Ltd (GECB) £610,000 for failing to have adequate systems and controls for selling Payment Protection Insurance (PPI) and failing to treat its customers fairly.

GECB's main business is providing credit finance through store cards, credit cards and sales finance. The store cards are usually branded in the name of the retailers (who are appointed representatives of GECB) and the insurance is usually offered to customers at the till when they are applying for a store card. If not bought at the till, customers are contacted later by GECB's telesales staff.

At any one time, approximately 300,000 retail assistants employed by the stores are permitted to sell insurance on behalf of GECB. In 2005 alone, over 850,000 policies which included PPI were sold on its behalf.

FSA Director of Enforcement Margaret Cole said, ‘’Millions of people take out store cards every year. They need to know that PPI is almost always optional and should consider whether they need it before signing up.’’

The FSA found that GECB failed to review and amend its procedures for selling insurance in light of its own evidence, emerging from Q2 2005, of widespread non-compliant selling practices.

Once this evidence came to light the firm ought to have contacted customers to remedy the non-compliant sales identified by its monitoring procedures but failed to do so. These failings mean that thousands of mislead GECB customers are entitled to reclaim PPI charges.

Unfair PPI agreements affect many of the UK population.  Now you can do something positive and fight back with no upfront fees to pay.

Payment Protection Insurance is a product that is offered with nearly all credit agreements and there are many reasons why your claim may be a valid one.

• Have you been miss sold Payment Protection insurance (PPI)?
• No upfront charges
• Our solicitors charge 20% of recovered monies
• If successful claimants in default can apply to have their defaults and CCJ’s removed from their credit history.

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