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News

PPI – facts and figures from the 'biggest mis-selling scandal of all time'

Lloyds Group

Lloyds Group has made the biggest provision for PPI mis-selling of any bank, putting aside £6.7bn so far to compensate customers of Lloyds TSB, Black Horse Finance, Halifax and Bank of Scotland.

• By the end of 2012 it had spent £4.3bn on settling claims, of which about £700m went on admin.
• In the last quarter of 2012 it spent £200m a month on settling complaints.
• It has more than 6,000 employees processing PPI claims.
• In February it was fined £4.3m for delaying compensation payments to 140,000 customers.
• It is currently writing to customers who may have been mis-sold cover.

HSBC

HSBC has added £199m to its provision, increasing the total to £1.5bn.
• So far £757m has been claimed by consumers.
• It employs 700 staff in the UK to deal with the issue.
• It is currently in the process of contacting customers who it thinks may be able to make a PPI claim.

Santander

Santander has put aside £538m to cover claims from customers who were with Abbey and Alliance & Leicester. It hasn’t increased its provision since July 2011.
• It says it had just 6% of the PPI market.

Nationwide building society

Nationwide has set aside £173m to date and paid out £42m of that.
• This accounted for just 1.6% of the total industry provision on 30 September 2012.
• Of the claims the society receives, 42% have never been sold a PPI policy – the majority of these (72%) are through claims management companies.

Royal Bank of Scotland

RBS has put aside £2.2bn to cover compensation to customers of RBS, NatWest, Lombard, Mint, Churchill and Direct Line.
• Customers have so far claimed £1.3bn.
• About 1,800 staff members are dealing with complaints.
• In the second half of 2012, 51% of complaints by NatWest customers were successful, as were 45% of complaints by RBS customers.
• The bank started writing to customers in September 2012 and will continue to do so throughout 2013.

Barclays

Barclays has so far made a provision of £2.6bn across all of its brands, which include Barclaycard.
• It has so far spent £1.6bn settling claims, of which about 10%-15% has covered administration costs.
• About half of the claims it gets from claims management companies are invalid.
• About 2,500 members of staff are working on PPI cases.
• It is “a good way” through writing to customers and expects to finish by June.

The Financial Ombudsman Service expects to resolve 245,000 PPI cases this year – three times the number it closed in 2012. In the first six months of 2012 consumers took 1,500 claims a day to the service, which deals with claims rejected by lenders. It finds in favour of consumers in about six out of 10 cases.

If you think you have been mis-sold Payment Protection Insurance – Call Creditline Financial on 01733 393399 and speak to one of our sales team.

Article taken from – The Guardian

Posted by Jay Beecher on 04 Mar 2013

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