The Durham Law Review is a student-run society commenting on contemporary legal and commercial issues. Meanwhile, it publishes feature articles alongside Regular commercial and legal updates.

Banks bolted by PPI claims

Banks bolted by PPI claims

Karishma Puri
Banking, Commercial

Lloyds Banking Group and Barclays have warned they will take billions of pounds in extra charges to cover a last-minute surge in claims relating to mis-sold payment protection insurance (PPI).

The lenders said they underestimated the number of complaints they would receive in the run-up to the 29 August deadline and will increase provisions following a spike in claims before the cut-off. Lloyds expects to take another PPI charge of between £1.2bn and £1.8bn in the third quarter, while Barclays expects to put aside between £1.2bn and £1.6bn.

Those estimates are sharply higher than the £900m charge announced by Royal Bank of Scotland, after the bank said it was also hit by a last-minute rush in claims. CYBG, which owns the Clydesdale and Yorkshire banks and Virgin Money, warned that it faced a potential bill of £450m for new complaints.

Karishma Puri
Banking, Commercial
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Karishma Puri

Karishma is a third-year law student at Trevelyan College. She’s excited to take on the role as one of Durham Law Review’s editors because it promotes reading of current and relevant legal developments, as well as presents the opportunity to meet new people. Her favourite module last year was Advanced Issues in Public Law, but she sees herself furthering her studies and starting her career in Commercial Law after she graduates. A practice area she would like to focus on is Commercial Law.

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