Santander add £20m to PPI compensation pot
The never-ending saga that is the misselling of PPI to the people of the UK rumbles on, taking a fresh turn with Santander's UK wing adding more money to the naughty pot as it looks like there's going to be more compensation being paid out to customers.
Sky News has found that the bank, alongside announcing their full-year results, will also be putting £20 million aside for PPI misselling, which will be the third time they've done it over the scandal.
This follows the news that the FCA are still looking into this giant mess, and that it looks like there's going to be a time-limit added to proceedings in a bid to get this all sorted, once and for all.
The Financial Conduct Authority (FCA) said it would "consider whether further interventions may be appropriate - which could include a consumer communication campaign; a possible time limit on complaints; or other rule changes or guidance - or whether the continuation of the PPI scheme in its current form best meets its objectives".
Since January 2011, the various banks involved in this fiasco have handled over 14 million PPI consumer complaints, upholding somewhere in advance of 70% of them, paying out billions in compensation.
Santander themselves, put aside £751m in 2011 to give to customers, and a further £65m in 2014. And now, there's going to be a further £20m, which adds to to a whole lot of money.
A time limit is expected to be welcomed by Santander, and to be honest, everyone else involved in this as it would be beneficial for not just the banks, but for customers too.
If you think you're owed compensation from your bank, wait until the official announcement tomorrow and they'll invariably be in touch. Failing that, call the bank at 0845 600 6014 on a landline, or 0345 600 6014 from a mobile, 8am to 6pm Monday to Friday and 9am to 4pm on Saturdays. Or you can do it online.