Millions of Brits could get £2,500 PPI windfall from a “secret commission” claim. Ripped-off Brits from the PPI scandal have launched a new legal claim that could cost the banks up to £18billion.
The legal claim, led by law firm Harcus Parker, could have an estimated windfall of £2,500. Barclays, HSBC, RBS, Lloyds, MBNA, Santander, Tesco Bank, The Co-op, John Lewis, Nationwide and Yorkshire Building Society have all been named with 350,000 claimants gathering.
Damon Parker, senior partner at Harcus Parker, said: “This group action is intended to force financial institutions which profited from PPI to pay back money that they should have never taken in the first place. The banks and credit card companies have known for years that they should pay this PPI secret commission money and have been using every trick in the book to avoid paying.”
“The public is presently unaware that banks still retain billions of pounds of profit from PPI. Our claim hopes to end PPI claims once and for all,” Mr Parker said. A spokesman for UK Finance, the body that represents the banks and building societies, said: “The FCA’s deadline for customers to make a complaint to a firm which sold them PPI was in August 2019.
“Firms will review and respond to any claims made in legal proceedings as required.” The PPI scandal first blew up in 2008 when the regulator intervened after thousands of complaints around mis-sold payments protection insurance were brought to light.
This is a type of cover that protects customers if the borrower dies, becomes ill or disabled, loses a job or falls victim to another circumstance that leaves them unable to repay their debt. It was described as the “biggest scandal in banking history” after it emerged millions of people had been sold it on loans and mortgages against their will.
