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News

PPI complaints fall 57% in a year but big banks will still set aside another £1.5bn for future gripes

However, despite the FOS statistics suggesting the worst could be over. Britain’s biggest high street banks will announce plans to set aside another £1.5 billion next week to compensate customers.

He says Barclays, Lloyds Banking Group and Royal Bank of Scotland will use their half-year results to disclose the combined bill for the PPI scandal will have breached £20 billion.

At present, PPI has seen Lloyds allocating nearly £10 billion for compensation, Barclays, nearly £4 billion, RBS £3.1 billion and HSBC £2.1 billion.

Despite the fall in PPI gripes, up to 5,000 people a week are still complaining to the FOS with 67% of all its new cases about PPI, while numbers are 50 per cent higher than 2012, showing how huge the spike was last year.

In comparison, the next most complained about financial products are current accounts and mortgages – and these make up just four and three per cent respectively of all gripes in total.

Often, PPI was often added to people’s loans and credit card agreements without them fully understanding what it was or even realising it was there at all.

Such policies are designed to help people repay their debts in times of crisis, for example if they become ill or lose their job, although in many cases, they were unsuitable for the people who took them out.

Around 61% of PPI cases are currently being upheld for consumers, which is lower than an average of 65% seen across the last couple of years.

But the FOS warned it is seeing some cases coming through which involve policies sold in a wider range of contexts than previously, often making the outcome less clear cut.

It is also increasingly being asked to step in at a later stage of a dispute, including cases where it is the settlement, not the mis-sale in the first place, that is the point of disagreement between the consumer and the firm that sold the policy.

According to data on the Financial Conduct Authority’s website, a total of £15.1 billion has been paid out since January 2011 to consumers who have complained about the way they were sold PPI.

Article taken from – This Is Money

Posted by M Carey on 23 Jul 2014

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