CT Capital fined £2.3m for shoddy PPI complaints handling

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CT Capital Ltd has today been fined £2,360,900 by the regulator for “serious failings” in relation to its payment protection insurance (PPI) complaints handling processes.

The issues, which occurred between May 2011 and November 2013, led to some customers missing out on redress payments of potentially £5,959 – the average redress payment for a fully upheld complaint during the period.

Use Moneywise’s free PPI reclaim template letter to claim yourself.

The Financial Conduct Authority (FCA) says in particular the firm:

  • Told its complaints handlers that failures made during telesales calls didn’t lead to a complaint being upheld if the subsequent sales documentation outlined the matters clearly. 
  • Failed to provide complaint handlers with sufficient guidance on how to consider whether sales advisers had taken reasonable care to ensure PPI policies were suitable.
  • Rejected complaints over six years old, despite the fact complaints can be bought within six years of consumers realising they’ve been mis-sold.
  • Failed to put in place “adequate” systems for assessing its PPI complaint handling processes and for monitoring the fairness of customer outcomes. In particular, it failed to properly analyse decisions of the Financial Ombudsman Service or to use them to inform its ongoing complaint handling processes.


Mark Steward, director of enforcement and market oversight at the FCA says: “Failing to handle complaints appropriately means that firms risk treating customers unfairly for a second time and it’s important that firms get this right.”

£74m paid in redress to consumers

In addition, the firm, which was the parent company of a group of lenders and loan brokers and was responsible for handling PPI complaints on behalf of the group, has paid about £74 million (including interest) in redress to affected consumers.


This is as a result of it reviewing approximately 4,800 complaints, which had been rejected or where full redress had not been paid.

The FCA says the redress process has since closed, but if you’re concerned that you were mis-sold PPI by CT Capital or by any other company, complain to the provider in the first instance.

If you don’t get a response within six weeks or you aren’t happy with the response you get, you can take your gripe to the free Financial Ombudsman Service to look into.


Between May 2011 and November 2013, the FCA says the Ombudsman upheld between 80% and 100% of all CT Capital PPI complaints.

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