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News

New PPI scandal: Banks could have to fork out £33 BILLION in fresh compensation claims

UK banks could have to fork out billions of pounds in fresh compensation claims in a new PPI scandal.

Britain’s big four lenders – HSBC, Barclays, RBS and LLoyds Banking Group – might have to part with around £33 billion in a row over secret commissions linked to payment protection insurance.

The Supreme Court ruled last November that large commission payments are in breach of the Consumer Credit Act if they are not disclosed to customers taking out policies.

Now the Financial Conduct Authority is due to rule on how widely the ruling should be applied, leading to speculation any products sold without commission being disclosed might be subject to compensation claims.

Financial companies researching body Autonomous Research, which conducted a recent study on the ruling said: “In essence, this ruling appears to open up a new angle for PPI mis-selling claims, based on commission payment.

“If applied to other products (for example store cards and car finance), this case could lead to a whole new wave of consumer claims for the banks, with a bill that could be even higher than the PPI tally.”

Banks are now thought to have paid out around £22bn in compensation following the mis-selling of PPI scandal which broke in 2007 but involves policies stretching back to the 1990’s.

Article taken from – The Mirror

Posted by M White on 26 May 2017

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