Pre-tax losses for the Co-operative Bank widened to £152.1 million from £140.7 million after the bank took a hit of £62.5 million for mis-sold PPI over the last year.
Blog Category: Mortgages
Just a week after announcing a 26% drop in profits, Lloyds Banking Group (LBG) has announced it is shedding the equivalent of 780 full time jobs across its branch network.
The additional provision of £2.45 billion for PPI complaints in 2018 ‘significantly impacted’ the profits of Lloyds Banking Group (LBG) according to chairman Lord Blackwell.
Gladstone Brookes started the year strongly with the top 20 PPI compensation payouts totalling more than £617,000.
Virgin Money has declared a £139 million loss on the year after being hit with a deluge of PPI claims.
Successful PPI claimants could be owed a £350 million rebate from the taxman because they may have paid income tax twice on their compensation.
2019 was a landmark year for PPI with the much heralded claims deadline passing on August 29th.
The last month of 2019 produced a good crop of Christmas and New Year surprises for our clients with a dozen of our Top 20 payouts all receiving five figure sums in compensation from just a single claim.
Three months after the PPI claims deadline on August 29th, financial firms are still increasing the amount of cash they have set aside to pay successful PPI claims.
Gladstone Brookes was able to hand over 20 early Christmas surprises to our clients totalling more than £625,000±.