“This 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. This 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