With just six months to go before the PPI deadline on August 29th, millions of potential claims remain to be made with banks setting aside billions of pounds to cover potential pay-outs.
Blog Category: Banking
A hard-hitting new report is demanding that government step in with measures to save our doomed cash system.
The PPI claims deadline is now just six months away and if you are one of the millions of people with a PPI policy and you haven’t made a claim for possible mis-selling, your time is running out.
2018 monthly PPI payout averages over £⅓ billion
Figures just published by the Financial Conduct Authority (FCA) show that Britain’s banks paid a monthly average of £354.1 million in 2018 and a total of £4.2 billion for the year.
For the first time figures have been produced to show the number of IT problems suffered by British banks and have revealed that most of them had at least 10 separate events between April and December last year.
The on-going cost of compensation for mis-selling PPI policies has helped keep the Co-op Bank in the red, according to its annual report.
Linda Dawber had no idea whether or not she had ever taken out PPI because her husband dealt with all the couple’s financial matters.
Lloyds Banking Group (LBG) still has £1.3 billion left to pay successful PPI claims before the August claims deadline.
When the alarm bells first started ringing about mis-sold PPI experts believed the episode would be very short-lived and end up costing around £4 billion.
Janice Smith knew she had PPI on three loans that she had with Marks & Spencer and made a claim for mis-selling direct to them.