PPI mis sellers Barclays could see its payment protection insurance compensation bill increase by £100 million following a flood of new complaints over the past few weeks, according to The Sunday Times.
Barclays have already allocated £1bn to cover the cost of PPI redress.
News of more claims has added further pressure on the board regarding the already controversial pay deal for Chief Executive, Bob Diamond.
Despite in his own words describing last year as “unacceptable”, Diamond was awarded over £17m in pay and bonuses including a £5.7m payment to cover a giant tax bill and a bonus that equated to twice his salary.
The bank has since taken measures to cut the bonus but this additional £100m bill has added further fuel to the frustrated fire from shareholders, many of whom are calling for the resignation of Alison Carnworth, Chairwoman of the remuneration committee.
Barclays was on one of the most prolific lenders of the PPI mis selling scandal, second only to Lloyds Banking Group who earmarked £3.2bn to cover compensation claims. Lenders have collectively set aside approximately £9bn for PPI redress.
According to recent figures, there is still around £5bn worth of mis sold PPI policies yet to be claimed. To find out if you have a stake in that compensation pot, complete our online form and make a no win no fee claim with PPI Return.
