Royal Bank Of Scotland (RBS) has added another £¼ billion to its PPI claims compensation pot as complaints continue to flood in. Add this to the £¾ billion allocated by Lloyds Banking Group earlier this week and a £130 million increase just announced by Clydesdale Bank, provision for the mis-selling of PPI has increased by […]
Lloyds Banking Group has boosted its PPI claims payment provision to over £8 billion, bringing the overall increase to £1½ billion in just six months. Reporting a profit of £1.69 billion for the nine months up to September, Lloyds also announced they had set aside a further £750 million to pay future successful PPI claims […]
PPI mis-selling is generally considered to be Britain’s biggest ever financial scandal, but it could be about to get a whole lot worse for the UK’s banks as credit ratings agencies consider downgrading their credit ratings. Analysts from one of the biggest agencies – Standards And Poor’s – say the banks’ credit ratings are at […]
PPI claims to the Financial Ombudsman Service (FOS) have topped 1 million and they’re still receiving around 2,000 new cases every single day. Chief Ombudsman Natalie Ceeney has slammed the banks for their attitude to the scandal, saying they have a long way to go in correcting their culture.
PPI claims payouts have broken the £12 billion barrier according to figures just released by the Financial Conduct Authority (FCA). The payments have been increasing at close to £1/2 billion each month this year and the latest figures available for August show the banks paid out a total of £446 million.