Six months after the PPI claims deadline on August 27th last year more than half of claimants have still had no decision on their complaint.
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.
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.
Announcing a drop in profits of 33%, HSBC is to axe 35,000 jobs globally and is still processing tens of thousands of PPI claims.
Barclays is still only half way through processing the massive spike of PPI complaints received in the run-up to the claim’s deadline in August last year.
The Financial Ombudsman Service (FOS)has been receiving an average 3,500 new PPI complaints a week in the wake of the claims deadline of August last year.
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.