HSBC have become the latest of the UK’s major banks to set aside more money for mis-sold Payment Protection Insurance (PPI) compensation, adding a further £400m to their provisions.
Announcing their latest annual results, the bank revealed the additional premium to take their total provision for the mis-selling scandal to more than £3bn.
The Financial Conduct Authority’s (FCA) decision on a deadline for all PPI claims was the cause of the rise according to the bank.
HSBC sold almost 5.5 million PPI policies and has so far received around two million complaints, with three quarters being upheld in favour of the consumer according to figures from the FCA.
Pre-tax profits at the bank were down 62% compared to the previous year but still amounted to £5.7bn despite more than 100 branches across the UK being closed down in 2016.
This latest PPI provision adds to HSBC’s already long list of charges and fines relating to misconduct, which has amounted to almost £10bn since 2010 according to research.
Earlier this year they were among three banks to receive multi-million pound fines from the European Commission for their role in the Euribor rigging scandal.
If you are a HSBC customer and you have not yet investigated your finances to see if you were affected by the PPI scandal, why not check today and find out for sure?