‘The staggering PPI mis-selling bill continues to haunt our major banks’ – Which? response to Lloyds bank’s extra £900 million for Payment Protection Insurance (PPI) compensation

Which? executive director Richard Lloyd said:

“The staggering PPI mis-selling bill continues to haunt our major banks and the extra provision announced by Lloyds today reveals this scandal is far from over.

“All banks need to do more to resolve claims fairly and make it as easy as possible for people to get back the money they’re entitled to, so that they aren’t forced to take their complaint to the Financial Ombudsman, or use unscrupulous claims management companies.”

Background:

The total amount now set aside by the big five banks alone for PPI compensation is around £22.2 billion.

This breaks down as follows:

Lloyds Banking Group has set aside an additional £900 million taking their total to £11.3 billion

RBS total is £3.25 billion

Barclays total is almost £5 billion

Santander UK total is £811 million

HSBC total is £1.97 billion

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