Mis-sold PPI is the biggest and most expensive mis-selling scandal in the history of UK consumer financial services. UK banks have set aside billions more to cover an increase in payment protection insurance claims in the past few months, pushing the total cost of the scandal over £44bn. The extra PPI provisions come ahead of the deadline set earlier this year by the Financial Conduct Authority, which will bring an end to this scandal in August 2019. The bill is expected to increase even more as a result of the deadline. The latest FCA figures show the banks have already paid out £30.7bn in PPI compensation, leaving many billions more for the last rush of people who have still not claimed.
Mis-sold PPI Provisions – How much has been set aside by Banks for compensation?