Payouts from PPI mis-selling scandal reach £12.5billion
Some £444m was paid in September 2013 to those people who complained about being mis-sold payment protection insurance (PPI), the Financial Conduct Authority reports today. It takes the total amount paid out since January 2011 to £12.4bn.
Estimates suggest the scandal could eventually cost Britain’s banks more than £16bn. Lloyds Bank – and its many different banking brands, such as Halifax and Bank of Scotland – has been responsible for a large proportion of the mis-selling and last month was forced to set aside another £750m for compensation, taking its total bill alone to a whopping £8bn.
Here’s how much has been paid each month since January 2011:
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