Costs of UK Bank Scandal hit £39bn
A report published by the auditing firm KPMG has recently revealed that a number of Britain’s biggest banks have collectively seen a bill of £39bn for financial scandals – over just the last three years. The report included financial results from Royal Bank of Scotland, Lloyds, Barclays, HSBC and Standard Chartered and covered the period 2011 to 2014.
The report found that these banks paid 60% of their profits since 2011 in fines, repayments and conduct failings with these costs totalling £38.7bn. In the last year alone conduct costs stood at £9.9bn, just an 8% reduction on 2013.
Looking at the bills for redress – banks have reimbursed business customers £9.9bn for the mis selling of Interest Rate Swaps last year whilst Which has reported that the bank’s bill for mis sold Payment Protection Insurance now totals a whopping £24.4bn.
Solicitor Paul Cahill commented:
“The PPI mis selling scandal will surely go down in history as one of the biggest financial mis selling scandals of all time. People have been successful in reclaiming mis sold PPI for the last four years and the volume of claims whilst starting to reduce slightly still remains stubbornly high.
“We’re finding there are still considerable numbers of people who, for one reason or another, haven’t yet submitted a claim but with the Financial Conduct Authority recently proposing a deadline for PPI mis selling complaints anyone looking to reclaim mis sold PPI 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