“T​h​is scandal will rumble on for years unless​ the banks pull their socks up” - Which? response to Lloyds Banking Group setting aside an extra £1.4 billion for PPI mis-selling

Which? executive director, Richard Lloyd, said:

“The staggering extra provisions set aside​ for PPI mis-selling this week, including the whopping £​1.4 billion from Lloyds, clearly show there’s still huge numbers of consumers yet to be compensated. ​T​h​is scandal will rumble on for years unless​ the banks pull their socks up and start making it much quicker and easier for people to get back the money they’re rightfully owed. ​If any bank fails to do this​, the regulator must step in.”​

​​Background: 

The total amount now set aside by the big five banks alone for PPI compensation is around £26.6​ billion. This breaks down as follows:

- Lloyds Banking Group (31 July 2015) has set aside an additional £1.4 billion taking its total to £13.4 billion 

- Barclays (29 July 2015) has set aside an additional £750 million taking its total to £5.97 billion

- RBS has so far set aside £3.8 billion

- HSBC has so far set aside £2.6 billion

- Santander has so far set aside £846 million

Which? has a free online tool to help people put in their claim for a PPI refund here: http://www.which.co.uk/consumer-rights/action/how-to-reclaim-mis-sold-ppi​​

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