PPI Bill Set To Increase

fattoriadibelcanto.it has learned that the amount of money banks have set aside to pay people who were mis-sold payment protection insurance, is set to increase. With a ppi claims deadline set to be announced for 2018, the banks have added a full £5 billion, that would bring the total amount the banks have paid out in compensation for mis sold ppi to an incredible £30 billion.

The City of London

Insiders said that Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Santander UK were likely to announce a combined new bill of at least £5bn alongside their results for 2015 – on top of around £27bn they have already absorbed.

The exact numbers are still being finalised by bank officials and their auditors, but sources close to several banks said the next wave of mis-selling provisions would be among the biggest so far.

The eventual number could be even higher than £5bn, according to some sources.

Bank bosses are keen to draw a line under the PPI affair, which has escalated over the last five years into the costliest in UK banking history, and are trying to estimate how many consumers will submit claims once a huge publicity campaign gets under way.

The biggest PPI bill is currently held by lloyd’s.

Lloyds has already been forced to take a £13.9bn hit from PPI, and the latest charge – which will be an estimate, rather than a verified final total – would therefore take its bill to more than £16bn.

Lloyds has also been fined a more modest sum by the City regulator for the way it handled PPI-related complaints.

The other big banks have all also had to pay out billions of pounds over the scandal, with industry sources confirming that they were all expected to seek to interpret the impact of the FCA’s proposed deadline in their 2015 results.

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Osborne Denies Banking Cover Up Rumours

The UK Chancellor has been forced to deny reports that he was behind the cancelling of an investigation into dangerous practices by UK Banks.

George Osborne says he had no prior knowledge of or involvement in a major probe into dodgy dealing at fatcat banks being scrapped. Big banks have been hit with billions of fines for wrongdoing, including £26billion for the PPI scandal alone and further big penalties are expected.

Osborne was interviewed by the BBC, where he stated:

“That was a completely independent decision that I had no fore-knowledge of. No advance warning of.”

You can read the full article here:

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