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PPI mis-selling: $5.1bn set aside for compensation

HSBC’s own US filing shows it had set aside $5.1bn for mis-sold payment protection insurance by the end of 2016, and had paid out $4.1bn.

$5.1bn provisions

Redress

Payment protection insurance (PPI) was sold alongside loans, credit cards and mortgages. After the banking industry lost a judicial review in 2011 over the regulator’s PPI complaint-handling rules, banks had to compensate customers on a very large scale.

HSBC’s 2016 annual filing with the US Securities and Exchange Commission states: “Cumulative provisions made since the Judicial Review ruling in the first half of 2011 amount to $5.1bn, of which $4.1bn has been paid as at 31 December 2016.”

HSBC continued to add provisions after 2016. The 2016 figure is used here because it is the latest cumulative total HSBC published that we have verified.

The evidence

1 source
  1. Exhibit AHSBC Holdings plc Form 20-F 2016US Securities and Exchange Commission (HSBC filing) · February 2017 · sec.govOfficial record

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