27 July 2016
The PPI mis-selling saga doesn't seem to be showing any signs of going away just yet. Just when you think there could be no more claims to come, once again the pace of PPI compensation claims seems to pick up.
At the start of the year, many of the banks added more money to their PPI compensation pots with some banks, namely Santander, bravely suggesting that this would be their last input into their pot.
However, according to some, this may have been a statement made too soon.
In late 2015, the Financial Conduct Authority opened the discussion on imposing a deadline for all payment protection insurance (PPI) compensation claims. Although no date has been released yet, many people believe it will be later summer 2018.
Effectively, if there is an announcement, customers will have two years within which time to make their PPI claim or risk losing out on their money.
Whilst some people see this as unfair, placing pressure on the consumer, some people also wonder if the banks and lenders could cope with the influx of claims that many believe will happen when the deadline is announced.
As of January 2016, the collective bill across the banks for PPI compensation made to customers stands at £28.32 billion. A staggering amount, magnified by the fact that some financial experts believe that only 40% of customers have made a claim. This effectively means that if the remaining 60% of affected customers make a claim, this figure will balloon, possibly double in size.
The figures for each of the Big Five banks also make for interesting reading;
Lloyds Bank have paid out the biggest thus far as they are one of the biggest banking groups, compensating their customers to the tune of £13.9 billion
Barclays are second on the list with a bill thus far of 5.97 billion in terms of PPI compensation for their customers
In third place is RBS, with a compensation bill of £4.3 billion thus far
And finally,Santanderhas currently paid out£1.52 billionand expect not to make another addition to the money they have set aside to meet the compensation bill - or have they spoken too early?
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