Which? executive director Richard Lloyd said:
“PPI is the UK’s biggest mis-selling scandal, with now more than £23 billion set aside by the banks.
“Banks need to make it as easy as possible for people to claim back the money they’re entitled to so they’re not encouraged to use unscrupulous claims management companies.”
Notes to editors:
The total amount set aside by all banks for PPI compensation is now £23.75 billion, making it by far the UK’s biggest mis-selling scandal.
The total amount now set aside by the big five banks alone for PPI compensation is around £21.30 billion. This breaks down as follows:
- RBS has set aside an additional £150m taking their total to £3.25 billion
- Barclays has set aside an additional £900 million, taking their total to almost £5 billion
- Lloyds Banking Group has set aside an additional £600 million taking their total to £10.4 billion
- Santander UK has set aside an additional £65 million taking their total to £811 million
- HSBC has set aside an additional £114 million taking their total to £1.97 billion