Co-operative Bank earmark £90m for PPI claims

Following the recent Court Action on 20th April, where the British Bankers’ Association (BBA) failed to overturn the Financial Services Authority (FSA) new rules about PPI complaint handling, there is now no stone for the banks to hide beneath. And they know it!

The Co-operative Bank is the latest bank to set aside finances to cover the cost of reimbursing customers. The Manchester-based bank has earmarked £90m, adding to the ever-increasing PPI compensation fund with fellow banks Lloyds, Royal Bank of Scotland and Barclays having already put aside over £5bn between them to compensate victims of mis-sold PPI¹.

These staggering provisions demonstrate just how big the mis-selling scandal was and how many people are entitled to compensation.

The Co-operative Bank has offered their customers a full apology saying, “As a member-owned organisation, we are committed to doing the right thing for our customers, especially when we get things wrong.

We will deal with their complaints in a fair, personal, easy and responsible manner and we apologise to those customers who have been mis-sold PPI policies.”

Words are all well and good but we prefer action. See if you are entitled to some of The Co-operative’s £90m, or any other lender, by completing our online claim form today. We’ve recovered over £11.5m in compensation so far, and with the fair and positive outcome of the Court Action, that figure can only get bigger.

¹Source: The Business Desk