PPI deadline looming: The scandal in figures

The eye-watering amount of money mis-sold insurance has cost

The PPI scandal has no redeeming elements whatsoever. From the ridiculous scandal itself, in which people taking out bank loans were charged thousands for useless insurance, to the spawning of a hellish claims industry built on nuisance calls. It’s been a sorry state of affairs.

But now, the claims companies will be quaking in their boots while the bankers lick their lips, as a deadline for PPI claims has been proposed by the Financial Conduct Authority (FCA).

The move would draw a line under the scandal for banks, though it would be in 2018 at the earliest.

The PPI scandal in figures:

£26bn – the total cost to the banks of the scandal so far

£10bn – the total expected cost to the banks as the scandal continues

10 million – the total number of people who have received compensation so far

£13.4bn – Lloyd’s compensation bill to date  - the bank sold

£117m – fine Lloyd’s was issued by the FCA in June for incompetent handling of PPI claims

£2,750 – average payout to affected customers

£33bn – potential cost to come, as identified by Lord Myners, if FCA decides PPI claimants who were denied compensation have a fresh case. If this was then applied to other products, such as personal loans, then bank’s compensation bills will soar.

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