Complaints and compliments

 

HSBC stopped selling Payment Protection Insurance in its branches in December 2007 and throughout the rest of its business during 2008. Prior to that time, 5 main products had been sold:

  • Personal Loan Protection Plan
  • Cardholder Repayment Plan
  • Flexiloan Repayment Protection
  • Mortgage Repayment Protection
  • Small Business Loan Protection

Regulatory and Media interest has been focused on PPI products for the last few years due to concerns that some of these products may have been mis-sold when customers took out Loans, Credit Cards or Mortgages.

Following a legal ruling in April 2011, rules set out by the Financial Services Authority (FSA) regarding how firms, including HSBC, should deal with PPI complaints have been adopted.

  • If you believe you were mis-sold PPI

     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 feel you need to make a complaint, we would like to stress that there is no need to use a claims management company. 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.
  • How long will I have to wait before I receive a response? On the 15 June 2011, HSBC were granted a temporary extension by the FSA for handling of some PPI Complaints.

    The FSA agreed that for PPI complaints received between 21 April and 31 August 2011 the time limit within which we must respond in writing to complaints would be extended to a maximum of 16 weeks from the normal 8 week period. For complaints received after 1 January 2012 we will respond within 8 weeks.

    If you made a complaint before 21st April 2011, you will already have been issued with a letter confirming our final decision to you and received a letter detailing a full breakdown of the redress offer.

    If you have not received our redress offer letter or have any further questions, please contact us on the telephone number quoted on your acknowledgement letter.

    We are also working closely with the Financial Ombudsman Service (FOS) to ensure that any PPI complaints that have been referred to them are resolved as quickly as possible.

    The FSA has published details of the timescales for the handling of complaints relating to PPI, these are available on the FSA website.

    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.

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 accepted the High Court's decision and we are working with the Financial Ombudsman Service and the Financial Services Authority to ensure we handle all Payment Protection Insurance (PPI) complaints in accordance with the new FSA Dispute Resolution (DISP) rules.

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.

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 www.financial-ombudsman.org.uk.

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 easier 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.

What can I do if I am dissatisfied with your decision?

After receiving our decision if you remain dissatisfied you have the right to refer your complaint to:

Financial Ombudsman Service
South Quay Plaza,
183 Marsh Wall,
London
E14 9SR

You can telephone them on 0845 080 1800 or visit www.financial-ombudsman.org.uk for further information.

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