Some of the UK’s biggest banks are set in the coming days to increase their provisions for compensating people who were mis-sold payment protection insurance.
Payment protection insurance, was a type of insurance that was intended to help people to bill bills or cover re-payments on things such as credit card purchases – but this insurance was massively mis-sold to millions of people in the UK, by the UK’s major banks, who were then forced to repay their customers for billions of pounds which were mis-sold.
Some of the banks, which have decided to increase the amount of money set aside to compensation people for mis sold ppi, include, Barclays, HSBC, Lloyd’s and RBS. The total amount which will be added will be £1 billion, which will be added onto the pre-existing figure of £21 billion.
The bank, which dominated the PPI insurance sector, Lloyds, has set aside the largest amount of money, nearly £10.5 billion for the ppi claims, it expects to recieve.
Currently £5 billion, out of the total PPI claim figure of £22 billion has not been spent or given to customers in compensation. The FSA estimates that nearly £300 million is being paid out to people every month in PPI compensation, with the FSA also recieving nearly 11,000 PPI complaints every week.
How Much Banks Has Set Aside For PPI
Barclays has nearly £5 billion ready for it’s ppi provisions, whilst RBS has over £3 billion ready, HSBC has over £2 billion and Santander nearly £1 billion.
The FSA has also announced that it is in deep discussions, with several other major banks, many of them American based, to come to an agreement regarding the repayment of mis sold payment protection insurance.
These banks are rumored to include, Citigroup, JP Morgan and the Swiss based UBS. The total that these three banks will set aside for PPI compensation, is expected to be in the region of £1.5 billion.
The PPI mis selling scandal has become one of the UK’s largest financial scandals, if not the biggest scandal to hit the UK’s financial sector in recent memory. And it is a clear indication of the level of greed, which permeated the City Of London, from 2005 on-wards and it was this level of disregard for rules and regulations that was also responsible for the worldwide recession, that the world economy is still today in 2014, struggling to fully overcome.
Be Careful In Who You Choose To Make Your PPI Claim
There have also been numerous instances and complaints of many unscrupulous and devious claims management companies, raking in millions from the PPI mis-selling scandal.
You can however, reclaim mis-sold PPI, with highly experienced and legally regulated claims management companies, such as the All PPI Claims Company. You can start your your PPI claims, by visiting their website: http://www.allppiclaimsco.com.