A national newspaper is claiming the Britain’s banks are trying to block a wave of new PPI claims.
There is speculation that there might soon be another massive round of PPI payouts – this time based on the commission consumers were paying on the policies sold to them.
Figures just released by the Financial Conduct Authority (FCA) show an 81% jump in the number of claims as consumers rushed to beat the PPI claims deadline in August last year.
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.
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.
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.