17th February 2014
It's understood that the major high street lenders have walked away from renewed discussions with the Financial Conduct Authority.
A source close to Lloyds Banking Group, which has set aside almost £10bn to cover the cost of PPI mis-selling, said on Thursday that there were now no ongoing talks about a time-barring exercise.
The development means that banks will almost certainly face historic PPI-related claims lasting for several more years.
Lloyds said last week that the current pace of claims meant that it anticipated receiving a further 550,000 claims from customers.
In total, the big four banks have set aside almost £20bn, with Royal Bank of Scotland recently increasing its charge by £465m.
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Posted in PPI, PPI Deadline, Claims, Lloyds Banking Group, Royal Bank of Scotland, Financial Conduct Authority