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News

Could PPI Charges Hit Consumers?

In news that will further infuriate customers who are still seeking compensation for being missold payment protection, the possibility has been raised that banks may introduce additional charges and price increases to try and recoup the £10bn worth of payments that they could end up paying out in compensation.

Potential areas that the banks could end up drumming up funds from include the interest on mortgages and loans, the cutting of saving rates as well as potential charges for services that have been traditionally free.

Kevin Mountford, banking expert at Moneysupermarket.com was the person responsible for highlighting the potential increase in these costs to the consumer, and commented as follows on the situation:

It’s logical, if you squeeze banks’ profitability in one area it will simply pop back up in another. So take billions of pounds from the banks as a consequence of PPI and they will look to recover some or all of that cash elsewhere.’ Mr Mountford referred to this as the ‘waterbed’ effect.

The idea was initially tabled and consequently shelved back in 2009, but according to a few industry experts, it never totally went away and has now been once again introduced into boardroom discussions as a result of the recent high court ruling on missold payment protection compensation.

Speaking on the matter, an anonymous senior banking executive commented that ‘Each bank has a very different level of liability over PPI, with Lloyds at one extreme and HSBC with some £250m of exposure at another. Nevertheless, this could be the motivation for banks to reassess what they provide free in the future.’

For more of the latest news and views regarding missold payment protection, visit Creditline Financial now by clicking the link here.

Posted by Shaun Edwards on 16 May 2011

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