Two of the UK’s biggest banks announced that they have set aside enough provisions to resolve their PPI refunds by August 29, 2019. Barclays, Lloyds, and RBS said they have turned a profit after revealing their third quarter performance results to the public.
According to the RBS, who was riddled with other violations pre-financial crisis, it had good figures for refunds and profits by the end of October 2017. However, it has to address a US Department of Justice fine for its toxic mortgages that were sold in 2008.
Meanwhile, Lloyds had set aside enough and has a backup fund to address possible fluctuations in refunds for the coming year. Barclays also said it had set aside enough money to address any legitimate complaint for payment protection insurance.
In September, the Financial Conduct Authority said it would be stern with banks as they develop simplified ways to file complaints and reclaim refunds. It said it was the responsibility of the financial sector to ensure all consumers receive their rightful refunds if they make a claim.
The watchdog also said its decision for the PPI claims deadline is final. It intends to have all mis-sold customers to come forward through a public advisory in the form of an advertisement, which has aired lately with the animatronic figure of Arnold Scwharzenegger and his voice urging consumers to make a decision.