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.
Virgin Money has declared a £139 million loss on the year after being hit with a deluge of PPI claims.
2019 was a landmark year for PPI with the much heralded claims deadline passing on August 29th.
It has emerged that Lloyds Banking Group (LBG) wrongly rejected 61,000 PPI claims after telling its customers they could find no records of an account with PPI attached.
A High Court judge has ruled that an American insurer – Genworth Financial – is legally liable for 90% of the £265 million cost of PPI policies mis-sold through Spanish-owned bank Santander.
Official figures just released show that in the month of the PPI claims deadline Britain’s banks paid out £391.6 million in fresh compensation for mis-sold policies.
Virgin Money is expecting to take a £450 million hit for last minute PPI claims following its £1.7 billion takeover by the former Clydesdale Yorkshire Banking Group (CYBG) last year.
A £60 million PPI hit has dragged the Co-operative Bank deeper into the red with a £118.6 million loss for the three months to September this year.
Auditors of Shop Direct have warned that the firm could collapse unless it gets a cash injection of £150 million to cover its PPI compensation.