Archive · 28 Jul 2025
Genworth to Collect $750M After UK PPI Court Ruling
A UK court decided that Banco Santander must pay for the losses from mis-sold payment protection insurance.
This insurance was originally sold by a bank that Santander later bought.
The court's decision means Genworth Financial expects to get about $750 million because they were involved with the policies.
The case involves insurance that was sold to protect people's loan repayments if they lost their jobs or were sick.
Santander disagrees with the court's decision and plans to appeal it.
Genworth Financial expects to receive $750 million following a UK court ruling.
The ruling found Banco Santander liable for losses related to mis-sold payment protection insurance (PPI).
The policies were sold by GE Capital Bank, acquired by Santander in 2009.
The policies were underwritten by Genworth units, later sold to Axa SA.
Santander plans to appeal the ruling.
- Who
- Genworth Financial, Banco Santander, Axa SA.
- What
- UK court found Banco Santander liable for losses from mis-sold payment protection insurance.
- When
- The ruling occurred recently.
- Where
- In the UK.
- Why
- The court found Santander responsible for losses related to mis-sold payment protection insurance policies.
Genworth/Axa View
Santander View
Financial Outcome
Genworth/Axa View
Entitled to approximately $750M.
Santander View
Opposes the Court's decision.
- Expected Genworth Payment
- $750 million
- Liable Party
- Banco Santander
- Insurance Type
- Payment protection insurance (PPI)
- Policies Sold By
- GE Capital Bank (acquired by Santander)
- Underwriters
- Genworth units (sold to Axa SA)
- Santander's Reaction
- Plans to appeal the ruling