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News

RBS To Set Aside £850m For PPI

The Royal Bank of Scotland have become the latest in a long line of banks to prepare for the inevitable onslaught of complaints from customers that were missold payment protection by putting aside a sum of £850 million in advance.

Whilst the bank’s compensation paid so far only amounts to £100 million, the news that the high court had thrown out the British Banker’s Association appeal against having to provide compensation to those who were missold payment protection before the current rules were brought in are expected to lead to an increase. The BBA’s argument being that retrospectively applying such laws was not within the FSA’s jurisdiction.

Initially, there was expected to be an appeal from the BBA against the ruling, but the shock decision made by Lloyd’s banking group that they were not going to appeal against the ruling, and instead chose to put by £3.2bn in order to compensate for potential compensate. Following this, Barclays also made a similar announcement, and the BBA consequently decided that they would not appeal.

HSBC had also announced a £269 million provision, meaning that RBS became the final main bank to make available the necessary funds to prepare for the expected increase in consumers chasing compensation.

Speaking on the issue, the banks stated that ‘Although the costs of PPI redress and its administration are subject to a degree of uncertainty, RBS will record an additional provision of £850m in the second quarter of 2011.’

For more of the latest news from the world of missold payment protection, and to find out how you could claim up to £25,000 in compensation, visit Creditline Financial now by clicking here.

Posted by Shaun Edwards on 13 May 2011

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