Lloyds Banking Group recently succeeded in re-establishing itself in the private sector despite having to pay about £3m for structured investment mis-selling committed about two decades ago. Meanwhile, Barclays is sued for £1.1bn by a British subsidiary of an American financial institution over PPI mis-selling committed by former Barclays subsidiary Monument during the 90s and early 2000s.
Both banks have had billions to repay for payment protection insurance policies mis-sold by bank employees in the last decade. Lloyds has about £15bn earmarked for consumer refunds with half repaid to consumers. Barclays has almost £5bn for mis-sold PPI policies. The UK bank industry has a collective £35bn estimate for PPI mis-selling.
The Financial Conduct Authority had announced a PPI claims deadline set for August 29, 2019. A “consumer communications campaign” would accompany the FCA deadline, which would inform consumers of their possibly mis-sold payment protection insurance policy and their right to earn their refunds.
However, the FCA’s deadline is unlikely final; it could act as a false flag to remove PPI from the headlines and allow banks and the Financial Conduct Authority to discuss the remaining PPI claims issues in private.
If you are mis-sold PPI, be sure to understand the steps to make a PPI claim successful. You only need to keep your receipts and consult a claims manager to make your claim successful.