PPI Claims Bill Increasing

Sources have informed, villadelsolenapoli.it that more banks also had a policy of putting to one side ppi claims, and in the coming months, the FSA will also be fining these banks as well.

As of January 2016, the UK’s major high street banks – which include names such as, Barclays, RBS, Natwest, Santander and Natwest who were found guilty of mis selling PPI have currently set aside £12 billion for ppi claims payouts that they intend to make. Although some industry experts speculate that the eventual ppi bill may reach £15 billion.

RBS and Natwest two banks, who were partly responsible for the massive mis-selling of payment protection insurance, have agreed to pay out £30 million to nearly 300,000 of their customers, who forgot to remove money from a cash machine and thus their money was swallowed up.The vast majority of banks in the United Kingdom, instantly credit someone’s bank account, if they ever leave money at their cash machine.

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However RBS, standing in stark contrast to the rest of the UK banking industry, has a policy of sending the money back into it’s own accounts and the bank will only return the money to the customer, if that person lodges a request to do so.

This policy now has been stopped by RBS.

RBS is now in the process of refunding customers from the beginning of 2005, January until 2016.

RBS which is owned by the UK government has set aside £1.7 billion in provisions for the mis-selling of ppi. You can reclaim mis sold ppi today by visiting http://www.mrppiclaimsco.com – the UK’s PPI Claims specialists.

Banking Inquiry Shelved

According to the BBC, a FCA inquiry into banking practices has been shelved by the FCA

Banking culture inquiry shelved by regulator FCA – BBC News A time limit is being proposed on compensation claims for those mis-sold payment protection insurance (PPI) – a scandal that has seen the banks haemorrhage £25bn to date and the bank levy, a charge on UK banks worldwide assets was replaced with a …

Read the full story on bbc.co.uk

Image from eveningtimes.co.uk

 

PPI Claims Deadline Likely To Be 2018

According to sources attached to the Financial Conduct Authority, 2018 is the year predicated as the date when PPI claims will be stopped. The FCS has spent the past several months, studying how to implement a ppi deadline and the best way in which to formulate this.

Now, the FCA has apparently informed the major 18 financial banks and building societies who are paying out for the majority of ppi claims cases, that they need to spend £42 million to start a campaign which would inform customers of a 2018 ppi claims deadline.

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The FCA has been rumored to have begun the process of creating a ppi claims deadline due to the apparent fact, that recent studies have shown that a large proportion of the UK public still do not fully understand what PPI and PPI claims are.

And other people who are eligible to make a PPI claim, are holding of from making a compensation claim, due to their belief, that the claims process is ‘open-ended’ and that there is no rush in making a claim.

This news comes in the light of new data showing the number of new ppi claims in the first six months of 2015, were down 17 percent from the year before. Since 2007, nearly £21 billion has been paid by the banks to people who were mis sold payment protection insurance.