PPI Claims - About PPI

PPI Claim News - 31/7/2012

 
PPI claims provision 'reaches £10bn'

The amount of money banks have set aside to refund payment protection insurance (PPI) has hit £10 billion.

Which? has pointed out that as HSBC has increased its PPI claims fund by a further £340 million, the total amount of PPI compensation money earmarked by the five largest banks - which also includes Lloyds, RBS, Santander and Barclays Bank - has now reached £8.8 billion, with the remaining £1.2 billion coming from smaller lenders and the Financial Services Compensation Scheme.

RBS is forecast to increase its PPI claims fund when it reports its results on Friday, the consumer advocacy body added.

As of May 31st 2012, banks had refunded £4.8 billion of this cash, leaving more than £5 billion of missold PPI available for members of the public affected by this issue.

"These latest figures from the banks show that PPI is now on course to become the biggest consumer financial scandal of all time, exceeding pensions mis-selling and the endowment mortgage scandal," the organisation's chief executive Peter Vicary-Smith remarked.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801418598-ADNFCR



Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Quick Claim

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Town
County
Post Code 
Email 
Circumstances
Claim Back Mis-Sold PPI Button

Belmont Thornton Ltd. is regulated by the Ministry of Justice in respect of regulated claims management activities; our registration is recorded on the website www.claimsregulation.gov.uk/search.aspx number 18273

Belmont Thornton Ltd. is incorporated in England and Wales, Company number 6621233, whose head office and registered office is at Suite 2, Unit 25, The Coda Centre, Munster Road, London, SW6 6AW. VAT Registration number 945 3375 06.

Belmont Thornton Ltd is registered with the Information Commissioners Office. Registration number Z1728023 and holds a Credit Consumer License issued by the Office of Fair Trading license number 634655.

Please note that calls may be recorded and email traffic monitored for the purposes of security and staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide