30th January 2014
The Royal Bank of Scotland is setting aside £3bn for new litigation and customer compensation claims, which is expected to push the lender into an annual loss of around £8bn. The bank has said to be allocating £1.9bn to cover claims relating to mortgage-backed financial products, as well as earmarking an extra £465m for Payment Protection Insurance compensation payouts.
This was primarily because claims have continued at previous rates - £225m per quarter - rather than falling as expected, and were forecast to continue for longer, according to the bank which is 80% taxpayer-owned.
It takes the total amount set aside for the PPI compensation scheme to £3.1bn, of which £2.2bn had been used at the end of 2013.
To read the full article visit: http://news.sky.com/story/1201896/rbs-earmarks-nearly-3bn-for-new-payouts
It is not too late, with more money being putting aside for the mis-selling of PPI it is worth making that claim. Call 08455 61 61 61 today!
Posted in RBS, PPI, Compensation, Claims, Forecasts