PPI claims to continue for longer than thought as RBS sets aside a further £465m

Credit Card PPI Claims
January 24, 2014
10 Things To Look For When Choosing A PPI Claims Company
January 29, 2014
Show all

PPI claims to continue for longer than thought as RBS sets aside a further £465m

The Royal Bank of Scotland has set aside a further £3bn for mis sold compensation, including £465m for PPI redress. In a trading update, RBS said it’s apportioned an additional £1.9bn to cover claims relating to mortgage-backed securities as well as a £500m provision for interest rate swaps mis-selling. As of December 2013 RBS had spent £1.25 billion on interest rate swap redress.

natwest and rbs ppi claims

A sustained level of PPI claims has led to the RBS group upping their PPI compensation pot

RBS has now set aside £3.1bn to cover PPI refunds and said rather than declining as anticipated; claims in the final quarter of 2013 continued at previous rates. They expect PPI claims to continue for a longer period than thought.

‘Costs not predicted’

Speaking about their redress bill, RBS chief executive Ross McEwan said: “Billions of pounds have been spent to resolve conduct and litigation issues in recent years, costs on this scale were not predicted by anyone when RBS was rescued in 2008.”

He added: “They come in addition to the costs of restructuring the bank’s bad assets and restoring its funding to prudent levels after the financial crisis.

UPDATE 3rd February 2014: Government-owned Lloyds Bank set aside a further £1.8bn today for PPI compensation payments, the set-aside comes two months before the bank is due to be returned to the private sector.

If you had a loan, credit card or mortgage through Lloyds, RBS or NatWest and think you may have been mis sold PPI – the money’s there, all you have to do is claim it.


MARCH 23RD 2020

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 info@oraclelegal.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.

IMPORTANT:The last day we can accept a new claim is Friday 23rd August – midday – to ensure the paperwork is properly processed and lodged with your lender before the cut-off time.