PPI Compensation – a look at the major banks
The mis-selling of payment protection insurance (PPI) has been a saga that has been a thorn in side of all major banks and lenders in the UK since 2001.
Even with a PPI deadline looming, there are few signs that the compensation is going to slow down any time soon. We take a look at the latest available figures for some of the major banks but, these figures change of a daily basis…
- Lloyds Banking Group
By far, this banking groups has put aside the biggest stash of cash for paying out in cases of compensation claims for mis-sold PPI. Taking in customers of Lloyds TSB, Black Horse Finance, Halifax and Bank of Scotland it has spent well over £4 billion pounds of settling claims – with £700 million of this being spent of administration.
It has around 6,000 employees working on PPI compensation claims and has faced heavy fines, and criticism, for delaying compensation payments to around 140,000 customers. It has also written to customers telling them they may have been mis-sold PPI.
Have you received a letter? Not sure what to do? Call Payment Protection Scotland for help.
With around £2 billion set aside for PPI compensation claims, it has paid out a substantial sum to its customers after mis-selling PPI. It has 700 staff nationwide dealing with complaints and it also contacting, or has made contact with customers it knows were sold PPI policies.
This bank has indicated that it only had 6% of the PPI market and as such, the amount they expect to pay out will be much lower than other banks. That said, by 2010, it has paid out £538 million but may need to add more its pot in the near future.
- Nationwide Building Society
Their bill already runs in to millions of pounds but, like Santander, their slice of the PPI market was less than 2%. They have been honouring claims made by their customers.
- Royal Bank of Scotland
The bank has set aside around £3 billion to compensation customers of RBS, NatWest, Lombard, Mint, Churchill and Direct Line.
They have around 1,800 staff dealing with PPI claim and have honoured roughly half the compensation claims made by Nat West customers and 45% of claims made by RBS customers. They wrote to customers back in 2013 encouraging them to make a claim.
This bank has also set aside around £3 billion across all of its brands for compensation claims. They have around 2,500 staff working on PPI claims and has also been transparent with customers by writing to them, suggesting that they may have a claim for PPI compensation.
Do you have a claim?