Barclays expect to pay another £900 million for PPI | Gladstone Brookes

Barclays expect to pay another £900 million for PPI

Barclays expect to pay another £900 million for PPI

Figures just released by Barclays show that they expect to pay another £900 million in PPI compensation.

⚠️ With the PPI Deadline less than a year away, now would be the perfect time to check!

The annual report for 2018 said: “The provision of £0.9bn represents Barclays Group’s best estimate of expected PPI redress reflecting the complaints deadline implemented by the Financial Conduct Authority (FCA) of 29 August 2019.”

Under review

Barclays has set aside £9.6 billion overall and with £900,000 still left in the pot at the end of 2018 it has decided no more money is needed. However, in common with other high street banks, it says it is keeping the level of provision under review in case the situation changes.

Its calculations are based on the estimated number of future successful claims, the average compensation paid per claim and the processing costs incurred.

Uncertainty

It says: “These assumptions remain subjective, mainly due to the uncertainty associated with future claims levels, which include complaints driven by claims management company (CMC) activity and the FCA advertising campaign.”

Having already received 2.4 million complaints it expects another 290,000 before the deadline with an uphold rate of 91% in favour of the customer. The average payment per claim is expected to be £2,233.

Profit

Reporting a profit of £3.5 billion for 2018, the bank said it had set aside £150 million to cover ‘anticipated economic uncertainty’ in relation to Brexit.

Chief executive Jes Staley commented: “There is a lot of uncertainty out there. What is important for Barclays is we are a British bank and we are staying committed to the U.K.”

Bank manager spills the beans on PPI mis-selling

Within weeks of the PPI claims deadline a former business manager from a high street bank has revealed the tactics used to mis-sell PPI to tens of thousands of people.

Bank manager spills the beans on PPI mis-selling

Within weeks of the PPI claims deadline a former business manager from a high street bank has revealed the tactics used to mis-sell PPI to tens of thousands of people.

PPI lenders accused of using confusing tactics

Britain’s lenders are being accused of using confusing tactics when dealing with PPI claims coming up to the deadline.

PPI lenders accused of using confusing tactics

Britain’s lenders are being accused of using confusing tactics when dealing with PPI claims coming up to the deadline.

UK finance cyber incidents spike by 1,000%

Britain’s financial industry suffered a 1,000% increase in cyber related events in 2018, including more targeted hack attacks a cyber security specialist has revealed.

You can do the claim directly yourself to the lender for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, if you have approached your lender first, and it falls within their remit.

News by month:

News by Category:


Menu