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Lloyds sets aside an extra £460m PPI mis-selling claims.

Article Issue #27
Lloyds PPI claims.

Lloyds sets aside an extra £460m PPI mis-selling claims.

02 Aug, 2018 | Bankis

Lloyds has now reserved over £19.2bn to settle PPI claims. The bank says it expects 13,000 PPI complaints a week until August 2019. Lloyds reported that the latest PPI charge was "largely driven by a potentially higher total volume of complaints and associated administration costs due to higher reactive complaint volumes received over the past six months and ongoing volatility". It is estimated that every 1,000 complaints a week would cost it another £150m extra.

Lloyds claims that it had sold around 16 million PPI policies since 2000, including policies that were not mis-sold and those that had been successfully claimed upon. At this point the bank has dealt with about 53% of those policies.

PPI mis-selling was a huge financial scandal for many and the reason for a lot of unwanted calls about claiming compensation. Latest figures shows that in May alone, compensation of more than £400m was paid out by the industry. It is no surprise that banks were so delighted when a claims deadline was set for 29 August 2019. On the other hand claims companies are disagree with such dead line since it claims that half of us are unaware of the cut-off date. Many people are missing out on compensation that is rightfully theirs.