New PPI lawsuit could pay up to £18billion over 'outrageous' insurance scandal
Up to six million people could share an £18billion payout through a new PPI lawsuit.
A legal firm is inviting customers who were mis-sold the controversial insurance to join its legal move to claw back commissions pocketed by banks.
A previous deadline for logging PPI claims expired in 2019, for which banks including Lloyds, RBS, Santander and Barclays set aside £40billion. More than 440,000 people have since signed up to a new class action organised by legal firm Harcus Parker.
Around 20million PPI policies – to cover a policyholder if they fell ill, lost their job or had an accident – were mis-sold between 1990 and 2010. Insurers charged customers huge commission and passed it on to their banks.
Backing the move, consumer champion Martin Lewis told viewers of The Martin Lewis Money Show Live: “PPI is one of the biggest financial scandals we’ve ever had in this country. For every £100 you paid, 70% to 80% of it was a bung to the banks. The policy was only costing you £20. It’s outrageous.”
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He advised that the no-win no-fee litigators would take 35% plus VAT if the case succeeds.
Damon Parker, the law firm’s senior partner, said: “The banks showed complete contempt for their customers and continue to do so. Our group legal claim will even up the scales of justice.”
Check if you are eligible to make a claim at here.
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