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HSBC PPI bill increased by £75m

HSBC are widely expected to follow the likes of Lloyds, RBS and Barclays by adding to their ever increasing PPI compensation fund. The banks in general seem to be under-estimating the costs of the biggest financial scandal ever to hit the shores of the UK, almost on a quarterly basis. With the total bill now above £23 billion it’s clear that the banks have some way to go before they can finally lay this ghost to rest.

HSBC PPI bill is expected to be increased by a further £75 million, which although is much less than the likes of  RBS/Natwest, Lloyds and Barclays recent additions, still takes the HSBC PPI bill over £2.2 billion.

Drop in Profits

With profits falling all does not appear to be well inside the walls of one of the UK’s biggest banks, which also owns First Direct and HFC.

It’s thought the bank is looking towards the asian market in an attempt to make up the short-falls and money set aside for such scandals in the UK and US.

Investors will undoubtedly be looking for progress from the bank in the second quarter but if you think that you may be owed money from being mis-sold PPI by HSBC, why not start your claim today and contribute to another decline in profits for the bank.

Millions still to claim their share

Banks continue to rely upon people who may have a valid claim not coming forward. We’ve estimated 7 million UK customers have yet to make a PPI claim, with one of the main reasons being that they are unaware they’ve been sold PPI in the first instance. Due to the obscene profits generated by banks when selling PPI, huge bonus incentives were offered to staff for selling the product. This inevitably led to illegal practises and tactics in adding PPI to loans, mortgages, credit cards, store cards and hire purchase agreements, including adding PPI without the knowledge of the customer.

Your Money Claim can carry out the checks using their fast track system, and Your Money Claim is used to beating the banks on a daily basis. So why not see if Your Money Claim can assist you.

 

HSBC PPI bill

HSBC PPI bill

About the author

Daniel Lee

Company Director

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