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Bank Profits Suffer Due To PPI Costs

 

Three of Britain’s major banks have seen their profits take a nosedive as billions of pounds have been given back to customers claiming for mis-sold payment protection insurance (PPI).

Barclays, RBS and Lloyds Banking Group will all report making a loss at the end of the third quarter as they are set to put aside hundreds of millions more for customers to reclaim, turning profits into losses.

Lloyds bank is expected to reserve a further £2.3bn extra for PPI claims, on top of the £4.3bn it has already put to one side, which would lead Lloyds to announcing a pre-tax loss of around £700m. This mars the original delight of reporting a £685m pre-tax profit – 23per-cent up on the second quarter – as they will now record massive losses, instead of impressive gains.

There could be more bad news on the horizon for Lloyds if they also become involved in the global Libor rate-fixing scandal which has encompassed over 20 banks around the world so far.

As reported in The Telegraph yesterday, the overall cost of PPI claim backs from customers, and money set aside by the banks for further claims, will rise above £10bn in the coming weeks and will lead the banks to declare crippling losses after charges and PPI provisions are paid out.

Barclays are also planning on halving the salaries of the highest earning employees as part of a company-wide overhaul under the new Chief Executive, Antony Jenkins. It is expected that some bankers may quit their post at Barclays in search for a higher paid equivalent job elsewhere in the industry, but that news does not worry Mr Jenkins or investors as the drastic salary cuts are deemed necessary to recover their public image and financials.

They were the bank with the most complaints made against them during the first six months of 2012, with almost 20,000 of the 23,703 complaints made against them being related to PPI.

The Royal Bank of Scotland was forecast to break even this quarter by analysts, but a further £500m for PPI claims and £200m against the mis-selling of interest rate swaps to small businesses will plunge RBS into the red.

If you have taken out a loan, credit card, mortgage or hire purchase agreement since 1994 then Consumer Finance Claims can help you recover any PPI costs that you have been wrongly charged.

It is simple to claim; simply fill out the form on the right hand side of this page and we will get in touch with you and send you out a comprehensive pack to get you on the road to claiming back your mis-sold PPI.






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Congratulations! You're one step closer to receiving your compensation for mis–sold Payment Protection Insurance.


If all details look OK you will receive a Claim Pack through the post, usually within 48 hours. If there are any issues we need to discuss one of our advisors will call you.


Either way you need to return your Pack as quickly as possible to prevent any delays with your claim!