Barclays has today announced that it’s making an extra £1.35 million available to pay for mis-sold Payment Protection Insurance (PPI) claims.
The announcement takes the total PPI compensation bill to £17.9bn, with further increases expected later this week.
This is the fifth time Barclays has increased its PPI mis-selling provision, bringing its total to more than £4bn.
If you’ve been mis-sold PPI, use our quick and free PPI tool to re-claim your money.
Which? executive director Richard Lloyd said: ‘The eye watering PPI compensation bill continues to escalate, showing how much banks have been in denial about the scale of their mis-selling.
‘The banks still have a long way to go to clean up their act and one way they should do so is by making it much easier for consumers entitled to PPI refunds to claim their money back.’
Payment Protection Insurance (PPI) is supposed to cover your debt repayments if you can’t work, but many policies have been mis-sold.
If you have reason to believe you have been mis-sold a PPI policy you can use our free tool or our template letter to reclaim your money.
To ensure that all mis-sold customers are compensated, Which? is calling for all banks to write to all customers that have bought PPI, but not yet complained, to notify them of how to complain and issue at least one subsequent follow up letter.
We also want the Financial Conduct Authority (FCA) to take enforcement action against banks which continue to fail to deal with complaints fairly.
Richard Lloyd added: ‘We need to see a big change in the culture of banks to stop mis-selling scandals at source, and genuine competition, so that bankers get the message that bad behaviour will not be tolerated’.
PPI mis-selling checklist
Our research has shown that at least two million people may have a PPI policy that they would never be able to make a claim on.
If you think you have been mis-sold, use our PPI mis-selling checklist.