Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

Bank charges: Big five bank profits wiped out in 2012

Profits made by the big five banks, HSBC, Royal Bank of Scotland (RBS), Lloyds Banking Group, Barclays and Standard Chartered, were wiped out in 2012 because of fines and compensation claims.

A report from KPMG said that the banks’ profits dropped by 40 per cent due to regulatory fines.

Last year, banks had to pay for such claims as the mis-selling of payment protection insurance (PPI). This is an ongoing and widespread mis-selling scandal that has seen banks across the UK setting aside provisions to pay for consumer claims.

In 2012, the cost of consumer claims went up as more people complained about mis-sold PPI.

Barclays and Royal Bank of Scotland were also fined by US regulators and the Financial Services Authority for rigging the Libor rate.

HSBC incurred fines for money laundering in the US last year.

KPMG did say, however, that core performances in the banks have improved recently. This is because of better results from their investment banks and fewer charges on bad loans.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801561749-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 
Post Code 
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 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