Yorkshire Bank News Update: Compensation Pot Increased

PPI YB40 Yorkshire Bank

Yorkshire Bank News Update: Yorkshire bank are increasing the amount of money allocated for compensating customers who were subject to some mis-selling.

The Clydesdale and Yorkshire Banks have been forced to allocate a greater amount of money to the pot marked ‘compensation’ for customers who found themselves out of pocket thanks to being sold unnecessary payment protection insurance (PPI).

The two banks are under the parent company National Australia Bank (NAB) who have reported that their income is greater and their bad debt provision lower, all moving in the right direction for the company.

Yorkshire and Clydesdale Banks initially allocated £51m for the repayments of PPI but a further £83m for all other compensation, including controversial interest rates.

It has been said that the improvement in their debt situation and repayment plans could see the NAB sell the banks sooner rather than later, but it has been their influence and determination to offer the customers a revised level of customer service that has made them an appealing company to own.

The other significant attribute of the NAB is that the Australian economy has been a great support to the UK based banks because it’s been in a stronger position than the UK economy. The NAB chief exec has said the reason for this has been a lack of confidence in the fundamental market.

The Yorkshire Bank have recently strived to raise their profile by sponsoring the annual short format cricket series titled YB40. The competition is split into three groups for the counties in the UK as well as teams from the Netherlands, Scotland and the non-county specific Unicorns. The teams compete in one day games where the counties face 40 overs each and have to score the most runs without the other team bowling them out.

2013 is the first year Yorkshire Bank will be sponsoring it, prior to this the Clydesdale Bank were the sponsors so the move is hardly ground-breaking but nonetheless they have changed. With the infamous Ashes series being played in England this summer and campaigns to get more children playing and watching the sport, the competition has received a high level of interest.

The bank’s exposure in conjunction with their overhaul to the service they offer, i.e. not mis-selling PPI to their customers, should assist in raising their profile, making them more appealing to other buyers and ultimately working with the other banks on the list to be reviewed for their mis-selling of PPI and interest-rate hedging products.

To contact the Yorkshire Bank customer service department and discuss any of the products and services offered by the company, Click Here.

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