The Clydesdale and Yorkshire Banking Group (CYBG) was the only financial body to add to its PPI compensation fund. However, National Bank of Australia, its parent bank, will shoulder majority of the £405 million addition for refunding the group’s victims of mis-sold PPI. In total, NAB has £671 million pending return to consumers.
Meanwhile other major banks including Lloyds, Barclays, and RBS, have “finished” allocating for the scandal. The three banks said it has enough to repay consumers until the announced deadline on August 2019. Of the three, only RBS has pending issues with international regulators. It has yet to pay the US Department of Justice and fiscal regulators for its toxic mortgages scandal.
The Financial Conduct Authority had announced an August 29, 2019 deadline on refund claims. CEO Andrew Bailey said it will urge consumers to make a claim at the soonest possible time. It was met with strong initial resistance from consumer groups. Claims management company We Fight Any Claims had lodged a complaint against the FCA for authorizing the deadline. In the subsequent hearings, the CMC had lost the litigation.
The FCA coupled its deadline announcement with a public advisory advertisement starring 80s action star and Californian Governor Arnold Schwarzenegger. According to the watchdog’s official figures, it had received 9,400 calls from television viewers asking about payment protection insurance. The FCA held up its end, leaving 94% of the callers informed and satisfied regarding the topic.