Banks to pay £400m in fees to ombudsman over PPI complaints
£900 fee per PPI claim handled has seen banks rack up millions in charges
On top of billions of pounds in compensation for their customers, financial institutions in the UK are expected to pay over £400 million in fees to the Financial Ombudsman Service (FOS) for handling payment protection insurance (PPI) complaints, according to research by Operational Risk & Regulation.
The four major UK banking groups – Barclays, HSBC, Lloyds and RBS – are anticipated to pay over £370 million in fees to the FOS for PPI complaints received since 2011. While data is not available
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