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News

HSBC to Increase PPI Compensation Budget

The missold payment protection insurance scandal just will not go away, and one of the world’s largest banks has had to raise its budget to fully compensate customers affected by the misselling of the controversial insurance.

HSBC has added a further £290m to take the total set aside for compensation claims up to more than £745m, which now means that the total public provision made by all of the banks caught up in missold PPI totals more than £9bn – of which the five largest, HSBC, RBS, Barclays, Lloyds and Santander – account for more than £7.8bn.

The decision from HSBC follows in the footsteps of RBS and Lloyds, who were both forced to raise their PPI budget, setting aside £125m and £375m more respectively. So far, it is estimated that only £3bn of the combined pot has been paid out to customers claiming compensation.

Despite having to face the embarrassment of increasing the amount of compensation they’ll need to pay, HSBC have announced that profits for the first three months of 2012 were at a better than predicted 25%, (£4.2bn).

Chief Executive Stuart Gulliver explained that “The volume of claims has increased significantly, far beyond our original assumptions. I cannot say it is the final provision for PPI compensation, and I doubt that it is, but time will tell as to whether we top it up again.”

HSBC as a whole said that it has made “good progress” with their strategies, including cost savings as part of its plan to boost profits. On this, Gulliver added “Markets remain volatile with high levels of debt and regulatory and political uncertainty in developed economies, contrasting with an encouraging outlook in faster-growing markets.

“Overall, our performance in April has been satisfactory and we remain confident that we will deliver on our strategy.”

Posted by Chris White on 11 May 2012

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