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Archive for tag: PPI and HSBC

PPI and HSBC: adding more money to the PPI compensation pot!

In late October 2014, HSBC announced they were to set aside a further £353 million to make PPI compensation payments to customers. Is some of this money yours?

And it seems that claim management companies could be forcing this step change!

What is a claim management company?

Payment Protection Scotland is a claim management company and it simply means that we make claims for compensation - in this case, for payment protection insurance - on behalf of the client. We charge a fee for this service.

A beleaguered banking system

Since the mis-selling of PPI story broke all those years ago, the PPI compensation programme has been rolling relentlessly, making huge dents in the profits of banks and financial institutions in the UK.

HSBC, one of the largest bank in the country, has set aside £2.46 billion to pay compensation it its customers for the mis-selling of this insurance product. But, its latest news of setting aside even more also comes alongside another portion of money - £236 million - to cover the cost of investigating the rigging of the foreign exchange markets.

The other 3 big banks

HSBC, along with the other big three banks - RBS, Barclays and Lloyds Banking Group - have set aside more case for PPI claims…

  • RBS has increased their PPI compensation pot to £3.3 billion, adding another £100 million to the pot
  • Barclays provision has increased to just over £5 billion with the addition of an extra £170 million
  • Lloyds Banking Group has the biggest compensation pot, now totalling around £11 billion with the recent news they were adding an additional £900 million to the fund

Despite these eye-watering figures, banks are still posting profits; HSBC reported quarterly profits up to September 2014 of £2.88 billion.

Do you bank with HSBC or ever purchased a loan, credit card etc. from them?

If so, then you could have a genuine claim for PPI compensation and with this news that they have increased their PPI compensation fund, it seems that the bank itself knows that the compensation journey is far from over… just yet.

PPI was an insurance product that was meant to cover repayments on your loan, credit card etc. should you be unable to make repayments. Many customers thought this a wise move to protect themselves and their family's financial security, but the policy was not quite what it seemed.

Payment Protection Scotland can and will help you if it is determined that you have a genuine and eligible claim for compensation. Why not take the time today to see if PPI was added to your account?