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News

The price of PPI: what the banks have set aside to pay for mis-selling

Britain’s four biggest banks – Lloyds, Barclays, Royal Bank of Scotland and HSBC – together with Santander are responsible for about £19.6bn of the total, according to the consumer group Which?.

PPI is Britain’s biggest mis-selling scandal. The amount set aside is almost double the £11.8bn bill for misleading pension sales, and dwarfs the £2.7bn for mortgage endowments.

The financial ombudsman said last month it had 400,000 unresolved cases in which banks had refused compensation but customers had complained.

Which? executive director, Richard Lloyd, said: “The cost of PPI mis-selling is now a staggering £22bn, and with banks continuing to increase their provisions it shows that they are still in denial about the size of this scandal.”

PPI was sold, often using misleading sales practices, alongside personal loans and other borrowing, including credit cards. The policies were meant to cover payments if customers were sick or unemployed, but often they did not pay out or the buyer did not qualify in the first place.

The Financial Conduct Authority has said that, of 53m PPI policies sold, the banks sold 45m. Here is a roundup of what the big four lenders have set aside so far.

Lloyds Banking Group

Britain’s biggest retail bank, which also owns Halifax and Bank of Scotland, is responsible for almost half the total cost of compensating customers. It has set aside £9.83bn.

Barclays

The bank set aside an extra provision of £1.35bn with its first-half results in July, taking the total it has set aside to £4.13bn. It has not increased the figure since.

Royal Bank of Scotland

The government-controlled bank set aside an extra £465m for PPI last week, and its total provision is £3.1bn.

HSBC

The total bill so far for HSBC is $2.76bn (£1.7bn) after it increased its estimate of costs by $367m with its first-half results in August.

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Article taken from – The Guardian

Posted by Jay Beecher on 05 Feb 2014

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