Payment Protection Insurance

Payment Protection Insurance (PPI) provides cover for the monthly repayments of your card(s) and loan(s) if you are made unemployed, have an accident, become sick or die.

Complaints

HFC Bank (also traded as Beneficial Finance, Household Bank) stopped selling PPI during 2008. Prior to that time the PPI was sold on the following products:-

  • Unsecured Personal Loan
  • Secured Personal Loan
  • Credit card

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 and/or credit card. Following a legal ruling in April 2011, the Financial Conduct Authority (FCA) (formerly known as Financial Services Authority) set out rules regarding how firms should deal with PPI Complaints. Should you have a concern about PPI, HSBC promise to do their best to investigate your complaint as promptly as we can.

If you feel you need to make a complaint, HSBC would like to stress that there is no need to use a Claims Management Company (CMC). While you are of course free to do so, they usually take a fee or percentage of any compensation you are paid.

If you contact HSBC directly they will assess your complaint in exactly the same way that they would treat a complaint sent in by a CMC and you will not have to pay a fee or percentage of any compensation should that situation arise.

You can write to HSBC at:-
Complaints Department
PO Box 5207
Coventry
CV3 9FB

Or Call:

0845 6023793

To help HSBC assess your complaint 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 .Completing this form should ensure HSBC have all the information needed to process your complaint efficiently and as quickly as possible, however you donít have to use this form.

Frequently Asked Questions

To help you further, we have listed below some frequently asked questions about PPI and further independent sources of information for you.

How long will I have to wait before I receive a response?

HSBC would expect to resolve any complaint within eight weeks. In any event, HSBC will be in touch within eight weeks to update you on their investigation. If you have not received a reply from them within eight weeks, you have the right to refer your case to the Financial Ombudsman. The Financial Conduct Authority has published details of the timescales for the handling of complaints relating to PPI these are available on the FCA website.

A CMC has offered to handle my complaint for me. What should I do?

HSBC will assess complaints sent directly to them 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.

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 cancelled my policy early can I still make a complaint about PPI?

Although you may have cancelled your PPI policy early, you can still make a complaint by following the process outlined above.

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

After receiving the 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.


© HSBC Bank plc 2013