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PPI bill rises by £3 BILLION

Britain’s banks have been attempting to convince us that the PPI saga is slowing down for some time now.

Indeed, some time ago when Lloyds stated they were not adding to their PPI compensation pot, some analysts and so called city experts predicted it was the beginning of the end of the biggest financial scandal to hit these shores.

However, the recent additions to the PPI bill over the last 6 weeks tells a very different story.

Banks increase their PPI compensation pots

In the last 6 weeks each and every one of the major banks and lenders in the industry have added significant sums to their PPI bills, set aside to compensation customers who have been mis-sold the product.

Below is a breakdown of what the major banks have added to their compensation fund in the last six weeks.

Barclays / Barclaycard added a huge £900 MILLION
Lloyds Banking Group (Lloyds, Halifax, Bank of Scotland, Blackhorse) added £600 MILLION
Royal Bank of Scotland / Natwest added £150 MILLION
HSBC, which also owns HFC and First Direct added £75 MILLION
Clydesdale Bank / Yorkshire Bank added £75 MILLION
Santander (including Alliance & Leicester and Abbey National) added £65 MILLION
Co-operative Bank added £5 MILLION

In total this adds up to £1.87 BILLION. Other lenders have also increased their PPI bills, taking the figure closer to £2 BILLION.

Unfairly handled complaints

Following an investigation by the BBC, the industry regulator published it’s report into how banks and lenders have handled complaints about PPI, and the findings are simply staggering.

The industry regulator, the Financial Conduct Authority (FCA) has ordered 2.5 million complaints to be re-opened as it has major concerns that the banks and lenders did not deal with the complaints fairly.

How there are no fines regarding yet another example of the frankly disgusting practise by the banks is beyond me. However, I’m sorry to say that it comes as no real surprise anymore, and serves as another example of the toothless regulator that is supposedly ensuring we are all dealt with fairly by those financial institutions we place our trust in.

It is expected that the re-opening of the 2.5 million complaints, which represents almost 20% of complaints received by the banks so far, could see further compensation paid to the tune of £1 BILLION, on top of the £2 BILLION as mentioned earlier.

How to claim

With an estimated 7 MILLION people yet to stake their claim, and only a third of all policies sold since 2001 having been complained about, the banks are hoping that these people don’t come forward.

One of the main reasons that people are not coming forward is simply because they are unaware they’ve been sold PPI, such was the tactics employed by lenders, hiding away the costs in the small print.

Your Money Claim are the industry experts, carrying out the checks to see if there has been PPI sold on any of your accounts, checking to see if you may qualify, and dealing with the banks throughout the process.

Having already recovered tens of millions in compensation for it’s customers, Your Money Claim are used to beating the banks.

So…why wait, you could potentially join the thousands who’ve claimed thousands with Your Money Claim!

 

PPI bill

PPI bill

About the author

Daniel Lee

Company Director

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