As more and more people are understanding about mis sold PPI, (Payment Protection Insurance) more claims are being made and the recent media attention and court judgement has highlighted many cases and spurred on more claims.
Barclays have made headline news recently as they have promised to pay out compensation to anyone who has made a PPI claim before April 20th this year.
As many banks stand firm with their fight Barclays have held their hands up and has claimed they will reimburse mis sold PPI customers 8% interest on top of the total value of all premiums. Barclays are the first of all the banks to offer this ‘no-quibble’ compensation and could be a prudent move saving them money in legal fees.
This statement has come about after the banking industry suffered huge losses when the High Court Challenge to the new PPI rules were lost in April. These new rules of the sale of PPI were imposed in 2010 by the Financial Ombudsman Service and the FSA (The Financial Services Authority).
This case was lost in April and many of the major banks were said to have but aside huge amounts of money in compensation including Barclays who set aside £1bn.
The chief executive of Which?, Peter Vicary-Smith,, sid: “Banks have a lot to do to re-build their reputation after over a decade of mis-selling PPI and then mishandling complaints about it.
“It’s fantastic to see Barclays stepping up in this way, acknowledging their mistakes and refunding customers what they’re owed, no questions asked. Hopefully this will have a domino effect and other banks will follow suit – the sooner the banking industry can consign the PPI mis-selling scandal to the history books, the better.”
After losing the case, The HSBC set aside £269m, RBS put away £850m and Lloyds TSB a staggering £3.2bn to cover costs of compensation but as yet look set to question each claim. It is important that you claim back your mis sold PPI as soon as possible and companies like Canary Claims can help you fight for what is rightfully yours.