Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

 
HSBC 'faces PPI claims liability of £601 million'

HSBC made provisions of £819 million to deal with bank refunds relating to interest rate hedging products and missold payment protection insurance (PPI) during the first half of 2012.

In its interim report for the first half of 2012, the lender revealed the estimated liability it could face due to PPI compensation claims is £601 million.

It increased its PPI refund provisions by £571 million during the first six months of the year and revealed it has paid £412 million of the total £996 million it earmarked for this purpose after the Judicial Review ruling for PPI.

The bank claims its profit before tax for its UK retail banking arm during the first half of the year reached £271 million, which is 62 per cent beneath that realised during the six months prior and 68 per cent lower that that seen in the same timeframe over 2011.

"We are profoundly sorry for our mistakes and are committed to putting them right," HSBC chief executive Stuart Gulliver said.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801418763-ADNFCR



Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Town
County
Post Code 
Email 
Circumstances
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide