With more than a million complaints being handled by the
Financial Ombudsman in the first half of 2013 and enduring 266,238 PPI
complaints from September, the organisation expects more PPI complaints to come
in by the following year. Experts also agree on the estimation.
The Lloyds Banking Group’s recent addition of £750 million
for their PPI refunds is a significant factor for experts that more PPI
complaints are expected by the financial industry for the following year.
Lloyds currently has the largest half of the mis sold PPI refund bill,
currently situated at £8 billion in total.
Experts also expect the other high street banks, RBS,
Barclays and HSBC, to publish their third quarter financial results and add
more to their PPI refunds. With increasing numbers of PPI complaints, the total
PPI refund bill by 2014 is expected to exceed £20 billion.
The Financial Ombudsman said that a great chunk of the
financial industry’s refund bill goes to administrative costs, namely the
payment for handling contractors and to the FOS. The FOS charges £900 in total
for every complaint for mis sold PPI respective of its bank.
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