UK General Insurance News
search advanced search

Home >> General Insurance News


PPI misselling bill tops 10 billion

Article by Simon Christopher
Posted: 21/10/2012 - Last updated: -
Rating: 0.00 (0 votes)



Barclays has confirmed its has now set aside a total of £2 billion to pay compensation for mis-sold payment protection insurance. It takes the total banking sector costs to more than £10 billion, with predictions of the final bill hitting as much as £15 billion.

Barclays had previously earmarked £1 billion last year and £300 million earlier this year, with its latest financial figures including a £700 million charge. This isn't money it has actually spent yet, but rather expects to pay out: it's listed as an expense now so that investors can factor it in when valuing the company's performance and stock price.

The new charge puts Barclays in second place on the PPI banking list of shame behind Lloyds, which expects to pay out £4.3 billion. It's followed by HSBC on £1.7 billion and the RBS group on £1.3 billion.

Meanwhile the Financial Ombudsman Services said it now expects to receive a total of 330,000 complaints about PPI misselling this year, double its original estimates. It noted a consistent pattern of just over two-thirds of complaints being upheld. While cases vary significantly, the average award is £2,750. That pattern would mean banks paying out nearly £6.5 million for claims made this year alone.



PLEASE NOTE: News items are intended for information only and should not be relied upon when making business insurance decisions. Due to their nature, some of the information in news stories including any references to taxation, legislation, regulation, or other issues may no longer be current.

Copyright UK Insurance Index http://www.uk-insurance-index.co.uk. All rights reserved.


comments about this article

Comments About this Article:

 Add a Comment


share this article

Share this Article:



rate this article

Rate this Article:


Please rate this article between 1 and 5
with 5 being top.
All ratings received for this article.

all categories ALL CATEGORIES
A-Z Categories

popular categories POPULAR CATEGORIES
Car Insurance
Home Insurance
Life Cover
Mobile Phone Cover
Pet Insurance
Travel Insurance

directory categories DIRECTORY CATEGORIES
Business
Event
Health
Home & Property
Insurance Brokers
Life & Protection
Marine
Motor
Non UK Insurers
Pet & Animal
Personal Possessions
Specialist Cover
Sport
Travel

review categories REVIEW CATEGORIES
Business
Car & Motor
Health
Home
Insurance Companies
Life Cover
Motorcycle
Pet & Animal
Possessions
Sport
Travel

article categories ARTICLE CATEGORIES
Business
Car & Motor
General
Health
Home & Property
Insurance Awards
Insurance Guides
Life Cover
Pet & Animal
Travel

news categories NEWS CATEGORIES
Business News
Car and Motor News
General News
Health News
Home & Property News
Life Cover News
Pet and Animal News
Travel News

RSS NEWS FEED

General Insurance News RSS Feed General Insurance News Feed

You can subscribe to the general insurance news feed above in a number of ways:

1. Drag the orange RSS button above into your News Reader
2. Drag the URL of the feed into your News Reader
3. Cut and paste the URL of news feed into your News Reader
4. Add the feed to your AOL, Google, MSN or Yahoo account by clicking the buttons below.

Add to Google

Add to My Yahoo

Add to My MSN

Add to My AOL


latest articles LATEST NEWS
Getting the best value GAP insurance
Protection insurance firm warns of policy confusion
Insurers pressure customers to take bargains while they can
Flood insurance talks still unsettled
Speed awareness courses have hidden cost

latest listings LATEST LISTINGS
The Insurance Emporium Caravan Insurance
The Insurance Emporium Horse Insurance
The Insurance Emporium Wedding Insurance
The Insurance Emporium Pet Insurance
Drayton Insurance Services

latest reviews LATEST REVIEWS
Construct a Quote Van Insurance
Globelink Travel Insurance
Domestic and General Washing Machine Cover
Heritage Classic Car Insurance
Insurance2go Mobile phone insurance (iphone)


Home | Privacy & Cookies | Terms of Use | Contact | Submit Site | Advertisers

Page protected, do not copy

This website uses cookies to ensure a reliable browsing experience. If you continue to use this website you are consenting to us using cookies in this way. To find out what cookies are, which ones we use and why we use them please click here.

Copyright © 2017 UK Insurance Index. All rights reserved.
All directory listings, articles and reviews are provided as information only and do not constitute advice or a recommendation of any product or provider. If you use these insurers, we take no responsibility and give no guarantees, warranties or representations, implied or otherwise, for the content or accuracy of these third-party web sites or companies. If you have any doubts you should consult an authorised independent financial adviser for advice based upon your individual needs and circumstances. A database of advisers in your area is available at www.unbiased.co.uk.