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PPI Claims - Banks


Fresh hit for banks on PPI

Recent weeks have seen a raft of UK banks and other financial institutions set aside further sums for payment of missold PPI. The baks are continuing to receive PPI claims forms from people who were missold PPI and it appears that the banks have underestimated the level of PPI claim payments that they would need to make. Shortly after the financial Ombudsman released figures suggesting that PPI claims were falling, the banks announced fresh contingencies to cover further outstanding claims.

HSBC has annouinced that it has set aside £2.1 billion for missold PPI claims while barclays have taken an additional £900 million hit in its most recent figures taking its payouts to close to £5 billion. Barclays has admitted that there could be many more years of claims still to come.

The number of claims does seem to be falling, but not as fast as maybe the banks had hoped would be the case. More and more people are realising that they can make a claim using a simple PPI claims form or that they can obtain from the ombudsman a PPI claim form to make the job easier.

One things is for certain - if you haven't made your PPI claim yet, there is no point in delaying and you should start thre process straight away.