HSBC PPI compensation bill up as further scandals unveiled
Scandal, scandal and more scandal involving UK banks.
Following on from my previous posts last week, which brought news that Barclays and Royal Bank of Scotland have been caught rigging the £3 TRILLION a day foreign exchange rates, it comes as little surprise that HSBC have also been involved.
In a long line of scandals, it appears there are very few parts of the financial industry that have not been rigged, cheated or manipulated in some way in order to make a few people very very rich.
Consumer scandal – PPI
Payment Protection Insurance (PPI) has been around for an eternity now so it may come as a surprise to learn that we estimate there are still approximately 7 MILLION people who have yet to stake their claim.
Banks and lenders, including HSBC, initially put their estimation of a final bill in the region of £25 BILLION. An astronomical figure, but well short of the £50 BILLION worth of policies that were sold.
Their numbers rely on a huge number of people not coming forward, and people accepting a rejection from the bank when, in fact, they have a valid claim.
The HSBC PPI bill
You may recall in the last round of figures released to the city, some three months ago, an additional £75 MILLION was added to the HSBC PPI bill.
In it’s latest release today, HSBC have added almost £370 MILLION, taking the total HSBC PPI compensation bill beyond £2.5 BILLION.
If we add this to the figures released last week by Lloyds (including Halifax and Bank of Scotland), RBS (including Natwest), Barclays and Tesco, the total bill has risen by over £1.5 BILLION in a matter of a week.
Our estimations show a final bill closer to £42.5 BILLION, but again this is dependent on the millions of people who have yet to come forward, many of whom won’t be aware they’ve been sold PPI as it was often added without the knowledge of the customer.
Claims made simple
Your Money Claim are the industry experts, beating the banks every day.
No account numbers are needed, no paperwork is needed. Fast-track systems have been set up with almost all lenders so checking to see whether you’ve had PPI is easy.
Simply complete your details on our online form which can be found on every page of the site or feel free to download a pack. Our experts are on hand to answer any questions you may have via telephone, email or our live chat facility.