Following last weeks announcement by Barclays that they are adding £700m to their PPI refund pot, Lloyds have revealed they are setting aside a further £1bn to cover compensation claims from customers who were mis-sold PPI.
PPI Refund Bill soars over the £11bn mark
The additional money has a significant impact on Lloyds profits for the year, pushing them into a loss of £144m and takes the total figure expected to be paid out by the UK banking industry to over £11bn.
Lloyds Banking Group are the biggest contributor with a bill now standing at £5.3bn once administration expenses are taken into account. Despite this, the bank, which is still partly owned by the UK taxpayer after being bailed out by the government in 2008, claim that their underlying financial position is improving.
PPI Complaints continue to pour in
The scale of the mis-sold PPI scandal continues to be revealed as an even bigger issue than was first believed. The Financial Ombudsman Service has been so swamped with referred complaints that it can now take up to a year for a case to be resolved.
Under instruction from the financial authorities the banks are slowly going through the process of reviewing past sales and alerting customers to the possibility that they could make a claim for compensation.
As those letters go out the number of complaints being made is only going to rise but you do not need to wait for the banks to contact you, call us today on 0800 849 8060 and by asking just a few simple questions our specialists will be able to tell you if you have a claim to make.