It was revealed today that Barclays have been forced to set aside a further £600million to compensate customers for the PPI mis-selling scandal, which will increase their current total to £2.6billion. The bank has predicted that the total cost of its mis-selling compensation fund for mis-sold PPI and interest rate swap products could reach a staggering £3.45billion.
Barclays are joined by other large banking groups such as Royal Bank of Scotland, HSBC and Lloyds Banking Group, all of whom have been forced to increase their PPI compensation bills to cover the increasing amount of complaints.
In light of the recent banking scandals, Barclays has been summoned before MPs for a hearing of the Parliamentary Commission on Banking Standards.
Antony Jenkins who was the head of Barclaycard at the peak of the PPI mis-selling saga, was quoted as having stated that ‘80% of policies were mis-sold dating back to before 2004’ and that ‘there was no doubt we got it wrong’.
If other banks have mis-sold their policies to a similar extent as Barclays then with just 5 million policies refunded thus far out of a total of 35 million,
the number of claims looks set to dramatically increase. It is therefore no surprise that the British Banking Association (BBA) is calling for a time barring.
To ensure that you don’t miss out on any claim you are entitled to make, get in touch today for a free assessment. Simply call 0800 148 8670 or request a call back from one of our advisors.