Egg Credit CardEgg-credit card
On these occasions, the particulars we give are for the company that is now in charge of examining your complaints and not for the first. Use the free PPI complaints template (link is external) (DOC) to declare your entitlement. Please do not hesitate to get in touch with us if you need help completing the complaints forms.
Or you can send your own letters to substantiate your claims.
sspan class="mw-headline" id="History">History
The Egg Group specialises in life and non-life insurances as well as credit, credit card and mortgages solutions. 3 ] The company was divested to Citigroup in 2007. Barclaycard's credit card account was purchased in 2011, and later that year the remainder of the saving and mortgaging operations were divested to the Yorkshire Building Society, which thereafter assigned all of Egg's residual client account balances.
The Egg was founded as a department of the Prudential insurance group. The Prudential Banking business was active in retail sales of saving and mortgages related securities. 11 October 1998 the branch was re-named Egg and was the first UK online banking institution to be reintroduced. 5 ] The services became more and more popular, and soon the banks had more than two million clients.
Prudential took its share in June 2000 and listed 21% of the business on the London Stock Exchange, with 79% retained. Prudential in 2003 notified its intent to divest its residual interest in Egg to a third person. Despite rumors of interest, such as from the Royal Bank of Scotland and HSBC, no official bids were made and Prudential abandoned its 2004 plan.
Prudential then repurchased the remainder of the minorities in January 2006 and delocalised the organization from the London Stock Exchange. Paul Gratton, COO, stepped down in March 2006 to be succeeded by Mark Nancarrow, then COO. In November 2006 Nancarrow was superseded by Ian Kerr, formerly named BBOS.
Kerr quit the company at the beginning of 2008 and was superseded by Bert Pijls in March. Mr. Pijls came to Citi in 1990 and served in several capacities in the firm. Barclays announces on 1 March 2011 that it has signed an agreement to purchase Egg's more than one million credit card account from Citigroup.
11 ] Barclay's Barclaycard Divisions acquired Egg's credit card operations in May 2011 after Citi had invested significant amounts of money in selling the operations as part of its Citi investment portfolios. The Egg Card was introduced in the UK with a CHI TV advertising drive, Lowe Plus media advertising and live advertising.
What takes your card? On February 2, 2008, Egg decided to reverse the credit card accounts of 161,000 (7%) of its clients. It gave clients a period of 35 working days, after which they could no longer issue their tickets. 19 ] While they became known as attempts to remove "risky" clients from their accounts, many affected clients claimed that they had outstanding credit history.
In December 2008, the Financial Services Authority imposed a fine of 721,000 on Egg for the continued sale of PPI on its credit card. The agency's Execution Officer, Margaret Cole, said: "Egg used improper selling methods to try to convince clients to take out installment coverage on their credit card even if they claimed they did not want the coverage.