According to the latest reports, the bill for the mis-selling of Payment Protection Insurance (PPI) by the UK’s five biggest banks has now reached a staggering £24.4 billion.
Recent weeks have seen banks releasing their annual results, and these detail the amount set aside for PPI mis-selling. Significantly, these reports have also revealed that, over the past year, most banks have also had to increase their PPI compensation provision.
For example, as outlined by the BBC, Barclays announced that its provision for PPI mis-selling increased significantly by £200 million over the last three months of 2014, whilst Lloyds set aside an additional £700 million during the same period.
These latest amounts are in addition to the billions of pounds already set aside by banks over the course of the past few years.
The article quotes Richard Lloyd (executive director of consumer group Which?) as stating that “Yet again banks are having to set aside more money to cover the staggering PPI mis-selling scandal.”
Two Thirds of All Cases
These latest reports follow on from earlier findings which suggest that, despite the number of cases showing signs of levelling off, PPI complaints still account for two thirds of all the cases dealt with by the Financial Ombudsman Service (FOS).
As reported by The Guardian back in February, the FOS received nearly 105,000 new PPI complaints during the second half of 2014, and a total of 238,000 over the course of the whole year. The FOS deals with cases that cannot be resolved between a financial services company and their customer.
Interestingly, in their latest report, the FOS also revealed that they have witnessed a change in the nature of the complaints they are being asked to resolve, and said that these issues are becoming increasingly complex. In light of this, the FOS is planning to hire an additional 200 adjudicators in order to oversee cases.
These reports demonstrate that the issue of mis-sold PPI remains high on the agenda and is unlikely to disappear any time soon.
If you think you may have been a victim of PPI mis-selling, then here at Debt Advisory Services (Scotland) Limited we can help, as we’re experts when it comes to mis-sold PPI and can ensure that you get the compensation you deserve.
If you’re struggling with debt, then we can also provide a range of debt solutions in Scotland to help you on the road to becoming debt free.
For more information about our range of services, please don’t hesitate to contact us today by giving us a call on 0800 011 2322 and a member of our friendly team will be happy to help you with your enquiries.