Almost 750,000 customers could claim compensation on their PPI

2nd August 2017 Blog

Almost 750,000 customers could claim compensation on their Payment Protection Insurance (PPI).

UK banks have set aside a further £1.5bn for PPI refunds. Resulting in a total of £35bn mis-selling scandals.

Barclays alone have set aside an extra £700m for the mis-sold Payment Protection Insurance (PPI) claims. The bank processed around £2m PPI claims in the year through to June 30. These claims have left Barclays with a £1.2bn loss for the first half of 2017.

Overall, around 60 million PPI policies have been sold over the past 30 years. According to the Financial Conduct Authority (FCA), 18.4 million complaints have been made and around 750,000 more to be made.

The FCA has launched a campaign to urge customers, even if unsure if they have been mis-sold PPI, to come forward and claim their compensation before the recently set August 29, 2019 deadline.