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RBS PPI compensation fund set to rise

These past few years have been a tough one for a number of different banks after numerous scandals and fixing allegations have been uncovered, such as the huge PPI scandal.

With the news this morning about the UK economy returning to the way it was prior to the collapse of the banks in the UK, there’s more news about the Royal Bank of Scotland group, which also owns Natwest, who have said that they expect pre-tax profits of £2.65bn for the first half of this year which is up from £1.37bn last year.

These figures all seem well and good for RBS but things haven’t been plain sailing for the tax payer part owned bank.

Bumps Ahead…

The company released the results a week earlier because they said that they were significantly stronger than what the market was expecting, however it’s not all as well as they suggest.

Despite the good reading of the headline figures, the Chief Executive of RBS, Ross McEwan has warned of “bumps in the road ahead of us”. This may be due to the fact that they were still required to set aside a large sum of money for a number of different compensation claims. As more and more scandals are uncovered we foresee difficult times ahead for the banking sector as public trust continues to decline at a worrying rate, and rightly so.

Compensation Claims

The RBS PPI compensation fund will rise by a further £150m according to the new figures released. It is virtually guaranteed that this won’t be the last time the bank adds to the fund, which has already surpassed £3 BILLION for RBS, with the overall compensation fund for the banking industry hovering around the £25 BILLION mark, and rising consistently.

RBS/Natwest have also set aside £100m for a number of other mis-selling claims such as packaged bank accounts. This is going to be something that will prove to be another scandal issue for the banks as there are millions of people who weren’t even aware that they were paying for ‘extras’ with their bank accounts such as vehicle breakdown cover, travel insurance and phone insurance.

There are also millions of people out there who are still to claim the money that they’re owed from being mis-sold PPI. The majority of these people are potentially sitting on thousands, even tens of thousands of pounds in compensation without realising, as millions of PPI policies were placed onto credit agreements without the knowledge of customers.

If you think that you may have been mis-sold PPI, or if you wish to check to see if you’ve had PPI, get in touch with us, we can find out for you in no time if you’re owed any money with our fast-track system.

RBS PPI compensation

RBS PPI compensation

About the author

Daniel Lee

Company Director

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