RBS suffer the consequences of mis-sold PPI

RBS have been two of the most high profile casualties of the recent PPI claims scandal, according to the latest figures.

It has been revealed that RBS paid out some £850 million of compensation to those people who have been mis-sold payment protection insurance (PPI).

The Royal Bank of Scotland paid £850 million to cover the complaints made by Brits that claimed they were mis-sold PPI along with other bank services or products, according to the partly-nationalised bankís 2011 interim results.

It appears that the situation regarding mis-sold PPI has had a particularly detrimental effect on the relationship between UK consumers and their banks as well.

New research suggests that Brits have lost faith in their banks, with the recent scandal involving mis-sold payment protection insurance at the centre of the breakdown in trust.

As little as 3% of people currently trust their bank to be totally honest about what happens to their savings.

The research from Triodos, the leading ethical bank, has identified a fundamental lack of communication between customers and their bank.

Triodos have suggested that communication between British savers and their banks is not at a sufficiently high level when it comes to the overall savings process.

 

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