Last week, Jonathan Evans MP suggested that the overall liability for payment protection insurance (PPI) mis-selling could reach £4bn.
The amount was highlighted at an evidence meeting of the All Parliamentary Group on Insurance and Financial Services at the House of Commons. Both the British Insurance Brokers' Association and the Association of Independent Financial Advisers gave presentations.
Mr Evans MP, who chaired the meeting, said: "I've seen indications that in due course the overall liability in relation to PPI is likely to be not in the hundreds of millions but the billions [of pounds]. I heard a figure of perhaps even £4bn mentioned as an end game figure." He said "The expectation is that over the next few years a significant figure is going to become a colossal figure."
This figure follows on from similar estimates given by the industry last year. But any presumption becomes speculative when the outcome of the Judicial Review could affect a large majority of the claims anyway. Regardless, it is still troubling to see so many victims out there that have not yet made any attempt to make a complaint. We would urge people to come forward and claim what is rightfully theirs at www.ppireturn.co.uk
In other news last week, the head of Lloyds high street banking is leaving to be replaced by Antonio Horta-Osorio. The currently appointed Helen Weir will leave as Mr Horta-Osorio attempts to rebuild lloyd's poor customer service image.
With the Ombudsman suggesting that one in four new cases it received was about Lloyds, a new head with customer service as his top priority may change their present record. It may also be the case that the tranche of delayed Lloyds PPI matters may begin to start moving again.
Dont forget, if you think you have been mis-sold PPI, make sure you contact us asap at www.ppireturn.co.uk
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