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Personal Finance News
01/11/12
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Money advice in increasing demand, says study
31/10/12
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Payment barriers exist for disabled and older people, says study
31/10/12
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Gender differences apparent when financial planning
31/10/12
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Half of Brits shop with a basic credit card, says study
30/10/12
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Number of Brits sitting on forgotten direct debits - 2.68 million
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This Week's Personal Finance News Update
01/11/12
-
Money advice in increasing demand, says study
31/10/12
-
Payment barriers exist for disabled and older people, says study
31/10/12
-
Gender differences apparent when financial planning
31/10/12
-
Half of Brits shop with a basic credit card, says study
30/10/12
-
Number of Brits sitting on forgotten direct debits - 2.68 million
30/10/12
-
More than half of parents are unaware of Junior ISAs
30/10/12
-
Over 80% of advisers name 'cost & administration' as top employer concern
30/10/12
-
Brits left with £1.4bn repair bill during 'mischief week'
29/10/12
-
East of England landlords at apex of yield chart
29/10/12
-
Buyers more optimistic about Scottish property market
News
30/07/2012 17:53:51
PPI redress provision tops £10bn
Payment protection insurance (PPI) provisions across the UK's banks has now topped £10 billion.
Consumer group Which? reports that Lloyds recently increased the amount set aside for PPI claims to £4.3 billion, while HSBC has added an extra £340 million to its redress pot. In total, the UK's big five banks - HSBC, Lloyds, Barclays, RBS and Santander - have now set aside some £8.8 billion.
The scandal of mis-sold PPI had already cost the banks £4.8 billion in compensation by May this year and Which? believes that there is still around £5 billion in mis-sold PPI still to be claimed.
In response, Which? chief executive Peter Vicary-Smith called on the banks to make it easier for consumers to avoid seeking financial advice from claims management firms.
"The banks must make it straightforward for people to reclaim PPI themselves, for free, so they don't resort to expensive and unnecessary claims management companies," he said.
