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Heading for £12 Billion: The figures behind the PPI scandal

HEADING FOR £12 BILLION: THE FIGURES BEHIND THE PPI SCANDAL GLADSTONE BROOKES TD from PPI PAYOUTS IN 2011 £700m £600m £535.5m HIGHEST PAYING MONTH £500m Millions of claims had been placed on hold by the banks who were involved in a Judicial Review at the High Court over how cases would be investigated. £400m They lost it in April 2011 and that opened the floodgates to complaints £300m Just £36 million was paid out in January 2011, but it was the calm £200m before the storm £100m JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC PPI PAYOUTS IN 2012 £735.3m £700m HIGHEST PAYING MONTH £600m £500m £400m £300m £200m £100m JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC PPI PAYOUTS IN 2013 £528m £700m HIGHEST PAYING MONTH The banks have been £600m trying to suggest for some time that the volume of complaints is dying off, but the payouts keep rising and the Financial £500m Ombudsman Service are still receiving over 2,000 £400m complaints a day about claims which have already been rejected. £300m The banks are also currently writing to more than 3.5m £200m CONSUMERS who have not yet complained, to advise them that they may have been mis-sold £100m PPI in the past and could be eligible to make a claim. JAN FEB MAR APR MAY JUN JUL PAYOUTS 2011–13 £7 Billion £6.2 BILLION Projected amount by the end of 2013 (if amount continues £5.4 £6 Billion to increase by half a billion pounds BILLION per month) £5 Billion £4 Billion £3.1 BILLION Amount to date £3 Billion £2.1 BILLION £2 Billion E1 Billion 2011 2012 2013 THE TOTAL PPI PAYOUT TO DATE: £11.4 BILLION THE PROJECTED AMOUNT BY THE END OF 2013: £14 BILLION HOW MUCH HAVE THE BANKS SET ASIDE FOR PPI CLAIMS? LLOYDS BANKING GROUP £7.3 BILLION BARCLAYS £4 BILLION RBS/NATWEST £2.2 BILLION HSBC £1.6 BILLION OTHER FIRMS £1.2 BILLION FCA Financial Ombudsman Service FINANCIAL CONDUCT AUTHORITY The FCA are currently running an investigation into all banks, after concerns FOS uphold rate is currently just under 80% – so there's still billions more to be paid were raised at the number of rejected cases later being upheld by FOS out there. GLADSTONE BROOKESTD © 2013 Gladstone Brookes Ltd Source: http://www.fca.org.uk/consumers/financial-services-products/insurance/payment-protection-insurance/refunds

Heading for £12 Billion: The figures behind the PPI scandal

shared by gladstonebrookes on Oct 16
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Newly released data from the Financial Conduct Authority (FCA) has revealed just how much the British banks have been forced to payout for mis-selling PPI to their customers. The numbers are huge!

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