PPI Claims - PPI Payouts Could Double

PPI CLAIMS - PPI CLAIM SOLICITORS
PPI CLAIMS - PPI CLAIM SOLICITORS

PPI costs could be ‘double’ the prior estimate

PPI CLAIMS - CLAIMING  BACK PPI COULD DOUBLE THE ESTIMATE

According to one leading authority, The FT Adviser they claim that the original estimates to ppi claims compensation could dobule the original estimates provided by the Banks.  The following is an extract of the ppi claim back article:

Barclays announced that it has made provision for £1bn for PPI redress; Lloyds is setting aside £3.2bn; HSBC has made provision for £268m and the Royal Bank of Scotland has ringfenced £850m to cover payments and administration.

This is in addition to Santander, which did not support the BBA’s judicial review on PPI, but is understood to have already been paying out claims. Between these six banks alone, the level of provision stands at more than £5bn. Based on these figures, the total PPI cost for the industry could be double the FSA and BBA’s estimates. Since October 2010, when the BBA set its judicial review in motion, the Financial Ombudsman Service has been receiving up to 5000 PPI-related complaints each week.

In a statement on 9 May, Fos said it had received more than 200,000 complaints in total over PPI since October.

The BBA has abandoned its appeal over PPI mis-selling, which aimed to stop the FSA’s new rules coming in, as it meant that millions of people who took out PPI in previous years could now be entitled to compensation.

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