PPI Compensation Bill Increase and Foreign Exchange Fines
The next few weeks could prove to be very costly ones for a select few of the big banks in the UK. HSBC, Barclays and the Royal Bank of Scotland are expected to set aside large sums of money to cover for impending foreign exchange fines.
This isn’t expected to be a couple of thousand pounds here or there, or even a couple of hundred thousand. It’s likely they’re going to be setting aside hundreds of millions of pounds within the next few weeks in order to settle with regulators after a probe into the manipulation of foreign exchange markets.
HSBC, Barclays and RBS are three of the big banks in the UK, and this is the latest in a long line of scandals to have hit the banking industry, leading to yet more provisions to cover themselves for more misbehaving. This latest evidence of manipulation has lead to the banks attempting to arrange a deal with the Financial Conduct Authority (FCA).
It is thought that the foreign exchange probe would see the three banks set aside well over half a billion pounds. That is set to be conformed when they all report their third-quarter results at the end of the month.
PPI Bill Increases
In more news, we are hearing that at least one other major British lender is set to increase their compensation pot for the huge PPI (Payment Protection Insurance) scandal. There’s been no word yet on who that is expected to be, but we expect there to be more than one major bank in the country to be announcing something similar.
To put it into context, the Clydesdale PPI compensation bill soared last week as the Australian owned bank saw their PPI compensation fund increase by a staggering £425 million to a cool £1.2 BILLION. The bank stated that the latest increase was set to be enough to see them through to the end of this financial year which is a clear indication that there is yet more to be set aside.
We’re also fast approaching the end of the third quarter in this year which would see the banks announce their figures to the markets. This means that it’s also getting to the time when we learn just how much the PPI bill will be rising. To put this into context, in the last round of announcements, the PPI compensation bill increased by over £3 BILLION.
With over 7 million yet to stake their claim, could you be one?
Don’t worry if you don’t know whether you’ve had PPI, or even that you no longer know your account numbers. Your Money Claim carry out the necessary checks directly with your bank and then work the case from beginning to end.
So why not fill in our online form and start your claim today? You could be owed thousands!