£24.4bn PPI mis-selling bill for big 5 with no end to claims in sight

Published: 09/03/2015

The consumer group Which? has recently announced that the bill for mis sold Payment Protection Insurance (PPI) for the big five UK banks (Barclays, RBS, Lloyds, Santander and HSBC) now tops £24.4bn!

Recent results announcements from these five banks have revealed the scale that their provisions for PPI mis selling have reached. Barclays total provision for 2014 has reached £1.1bn whilst RBS has recently added £400m to its provision taking their total provision for 2014 to £2.2bn. Lloyds set aside £2.2bn in 2014 for PPI claims whilst Santander added another £30m to its provision for 2014 and HSBC saw its total for the year reach £624m.

Whilst there were a few months in 2014 where the numbers of claims appeared to be starting to slow down, more recently cases referred to the financial ombudsman (often older, more complex cases or cases where the customer and financial firm cannot agree) have increased.

Solicitor Paul Cahill comments:

“The momentum on PPI mis selling claims is showing no signs of abating. Indeed this national picture reflects our experience here at Goldsmith Williams where we’re seeing substantial numbers of new claims coming forward.

“With the major banks increasing provision yet again anyone who has not yet started a claim should take action now.”

We’ve produced a handy guide to making a claim for mis sold PPI – click here to download your copy

Content correct at time of publication

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