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Santander PPI provision receives £450m bonus

With the impending news of a PPI deadline and new hope for potentially millions of rejected PPI claims we have been expecting UK lenders to make additional payments to their PPI funds.

Today we hear that the Santander PPI provision has received £450m, with news earlier confirming RBS / Natwest added £500m.

This addition takes the total Santander PPI provision to £1.4 billion, and the overall bill to UK lenders to £32.5bn.

The Santander compensation fund is to cover payouts for the likes of Abbey National and Alliance & Leicester, as well as Santander and the many store cards that are administered by the group.

A long road ahead

With UK lenders bracing themselves for a wave of new claims as they are forced to fund a media campaign once the anticipated PPI deadline is announced, it comes as no surprise that lenders are having to set aside more compensation money.

That isn’t all though, as new hope is offered to potentially millions of previously rejected claims following a significant development within the Supreme Court.

Our estimation of a total final bill of £42.5 billion, initially mocked by so called city experts, now appears more likely as the months pass.

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Santander PPI provision

Santander PPI provision up £450m

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