In the last three weeks four of the UK’s biggest high street banks have topped up their PPI claims compensation pot by a whopping £990m, taking the total set a-side figure to over £7bn! The reason for the top is a higher than expected number of PPI claims in the first three months of 2012.
After the High Court case in April 2011 the original total refund bill was estimated to be around £4.3bn, however, one year on 58% of this has already been paid out and the banks are thinking nearer the £7bn mark. But it could be a whole lot more. The Financial Services Authority (FSA) has ordered the banks to send out around 12 million letters to customers and it thinks that around 10.8 million of them could have been mis sold PPI policy. If this is correct the potential refund bill could actually be closer to £14bn.
Extra cash set a-side in May 2012 for PPI payouts:
HSBC – £290m
Lloyds £375m
RBS – £125m
Barclays – £300m
Total: £990m
No doubt the banks are gutted to find more people are making PPI claims than they originally thought! So to celebrate consumer power and the banks coughing up here’s a PPI infographic containing seven awesome PPI facts you didn’t know:
Now memorise (or save to your phone) and treat your friends to a financial Factathon.
Great info and if you’d also like to be a statistic (in a good way) you can start a PPI claim by clicking here.
