231,512 complaints are expected to be targeted at 2 banks
231,512 complaints are expected to be targeted at joint partnership banks; Marks & Spencer and HSBC for mis-sold Payment Protection Insurance. These complaints represent 43% of policies sold and have
Last year, M&S Bank set aside £128million to repay customers who were mis-sold PPI. Over the past four years, the bank has set aside £400million.
Due to the fact that M&S have set aside a total of £400million over the past 4 years, the bank’s profit this year has more than halved to £23million.
The total cost of Payment Protection Insurance mis-selling to all financial institutions is expected to reach more than £40billion.