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News

Rising PPI claims are bad news for shareholders | Analysis

But figures from the Financial Ombudsman show that claim numbers have doubled to 379,000 over the past year, and they are by no means all from the ambulance-chasing claims companies.

The banks have gone from denial (rejecting claims and rightly being fined by the FSA) to acceptance (setting up claims departments staffed by thousands, making £14bn in provisions, moaning about false claims) but are now moving back to fight mode.

Last year, the ombudsman upheld only 70% of PPI complaints, down sharply from 84% the year before. Indeed, uphold rates in favour of consumers are falling across the board at the ombudsman, dropping below 50% for the first time.

Which? magazine reckons it indicates the banks are still dragging their heels on complaints, and they have a point.

Others, irritated by junk texts from the claims companies, may even sympathise with the banks.

But it is unmitigated bad news for bank shareholders. Given the still-rising claims figures, the chances of a write-back of those gigantic provisions is unlikely – and £14bn may yet prove to be not nearly enough to cover the most monumental mis-selling in banking history.

Article taken from The Guardian

If you think you may have a claim, call and speak to one of our experts at Creditline on 01733 393399, who will discuss with you our claim proceess.

Posted by Jay Beecher on 30 May 2013

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