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Banks to hire thousands to handle PPI refunds

Banks across the UK will be hiring thousands of new staff so that they can handle PPI refunds.

Following the high court ruling, banks will have to pay compensation to all consumers that were mis-sold payment protection insurance.

The Guardian reports that around 6,000 people will be hired by banks in order to cope with the extra administration work from having to give out PPI refunds.

A spokesperson for Lloyds told the news provider: "We are already using third parties and internal resources to deal with PPI complaints. We are keen to move quickly to bring about resolution for our customers."

It is estimated that Lloyds will have to pay out £3.2 billion, while the total figure for PPI refunds is thought to be around £5 billion.

Following the announcement that banks would not be appealing the high court ruling, Adam Phillips, from the Financial Services Consumer Panel, said that compensation from banks should be "swift".

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800533550-ADNFCR

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