Clydesdale sets aside £100m for PPI claims

CLYDESDALE Bank has announced that it is to make an additional provision of £100m to cover itself against claims made under the mis-selling relating to Payment Protection Insurance (PPI).  

The decision follows the announcement by the British Bankers’ Association that it does not intend to pursue the judicial review process, and the announcement of provisions by other leading high street banks.

Clydesdale said the provision reflected an assessment of future PPI claims based on estimates, statistical analysis and assumptions in relation to “a wide range of uncertain factors”, including how many PPI claims will be made against Clydesdale Bank, for what value, and the prospects of mis-selling being established in relation to those claims.
 
The bank said it would continue to work to resolve PPI claims promptly and fairly.

Complaints about the mis-selling of PPI look set to double and there are fears the settlement process will take years to complete.