DO YOU KNOW HOW MUCH THE BANKS HAVE PAID OUT!!??

DO YOU KNOW HOW MUCH THE BANKS HAVE PAID OUT!!??

October 4, 2017

£24.5 BILLION HAS ALEADY BEEN PAID OUT!

 

CAN YOU BE SOMEONE WHO WAS MIS-SOLD PPI?

 

The Financial Conduct Authority (FCA) said on Monday that payouts totalled £260m in May alone, the highest monthly value since June 2016. Since 2011, £27.4bn has been paid out to customers.
 

Many more claims are expected, potentially adding billions to payouts. Banks have set aside around £40bn to deal with PPI claims, with both Lloyds and Barclays last month increasing their provisions by £1bn and £700m respectively.

 

Banks face added pressure later this month when the FCA kicks off an advertising campaign encouraging customers to claim PPI compensation, two years before the final deadline for claims. The £42.2m scheme, which is being funded by lenders, is due to kick off on 29 August.
It is estimated that only one in four PPI claims has been lodged so far. Nick Baxter, chairman of the Professional Financial Claims Association (PFCA), calculates that around £50bn of PPI was mis-sold and that, because of interest, the cost to banks would be up to £100bn if it was all claimed. This would mean that less than 30 per cent has so far been paid out.“We’re nowhere near through this,” he told City A.M. “The big problem for consumers is that there is a time bar starting to tick.”Baxter added: “If it was all done properly and banks had to contact customers they’d sold things to… the bill would be nearer £100bn.”

Source: CityAm, William Turbil


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IronStone Legal is a trading name of Demirtas Finance Ltd, Registered in England and Wales number 07975646.
Authorised and regulated by the Financial Conduct Authority as a claims management company number 838139. 
Regulated by the Information Commissioners Office in Respect of the Data Protection Act 2018 number: Z3119423

*Fees may apply for cancellations outside of the 14 day cooling off period, calculated on an amount of work completed basis as stated in our TCs. No cancellation fees payable by you if you cancel within the 14 day cooling off period. We charge 35%+VAT (42% including any VAT) for mis-sold financial products and services.

± Before any deduction for 182 claims resolved 6 months prior to 14/02/2018 across multiple different services.