Lloyds Bank has said it expects to receive a further 550,000 PPI claims if the current rate of complaints continues. News of the figure came just 24 hours after the bank announced a further £1.8bn had been set aside for PPI refunds and a week after RBS added a further £465m to their compensation bill.
The total PPI refund pot currently stands at almost £20bn, made up as follows:
Lloyds Banking Group (Bank of Scotland, Halifax) : £9.83bn
RBS (Natwest): £3.1bn
Santander: (Abbey, Alliance & Leicester): £538m
In a separate story, Sky News reported some of the banks are in ‘secret talks’ with the Financial Conduct Authority (FCA) to try and install a PPI claims deadline. Similar talks between lenders, the British Bankers’ Association (BBA) and the City watchdog collapsed this time last year as the FSA (now the FCA) said it would only support a deadline if banks funded a publicity campaign to increase awareness of the scandal…
“Our key priority is to ensure consumers are protected, so the FSA Board would need to be convinced that any proposals would be in the interests of consumers.”
Unsurprisingly, none of the banks fancied the idea of telling everyone to claim back their money, so the deadline was scrapped.
A year on, lenders including Lloyds and Barclays have rekindled talks without the involvement of the BBA, hoping to once again garner support for an end point to the billions being spent on mis sold PPI payouts. A PPI claim deadline is seen by consumer groups as a way for the banks to avoid long-term costs and ongoing new claims, they strongly opposed the deadline last year and are likely to do the same this time around.
If you’re one of the Lloyds customers yet to claim, remember: Lloyds was bailed out by the tax payer and is now majority owned by the Government, so don’t go dismissing this on a whim – if you don’t know whether you have a PPI claim, get it checked.
By John Gregory
John writes for a PPIClaimsAdviceline.com as well as a number of financial blogs, he also create content for infographics, FAQ’s and personal finance sites. You can find him on Google+ and Twitter, get in touch – he doesn’t bite. Unless you’ve been mis-selling financial products.
At this time we are continuing business as usual however our team will now largely be working from home. This limits our phone contact availability. Customer support remains available Monday to Friday but please email in to email@example.com with your query. We aim to get back to you within 48 hours. On receipt of PPI refunds our fees remain payable and can be paid via our website www.oraclelegal.co.uk/payments/ or via BACS. We are also working on some other areas of potential claim for you in connection with your PPI and will be in touch shortly where applicable to present this to you.