The next step will be for banks to begin the painstaking, not to mention time-consuming, effort of handling an enormous backlog of complaints, establishing where remedial action is required. In the weeks immediately after the conclusive High Court ruling, banks quickly began unveiling their plans. Barclays announced that it would pay out compensation to all customers who believe they were mis-sold loan insurance and whose complaints are currently on hold.
Meanwhile, Lloyds Banking Group, which made the largest provision of 3.2 billion for PPI compensation, has said that it will continue to review every complaint on an individual basis. Similarly, the Royal Bank of Scotland, which set £850 million aside, and HSBC, which has accounted for 270 million in expected repayments, have both vowed to process complaints one by one.
A full report on the PPI scandal is available here - http://www.customerexperiencefinance.com/