Banks Face Fresh £5bn PPI Mis-Selling Bill

Britain’s biggest banks are now drawing up plans to set aside billions to cover further breaches of Payment Protection Insurance selling.

Executives at major high street banks are expected to announce a further provision to cover the cost of more PPI claims, this would take the total cost of the scandal to well over £30bn.

Banking insiders have claimed that Barclays, HSBC, Lloyds, RBS and Santander were likely to announce a combined bill of at least £5bn alongside their results for last year.

The precise numbers have yet to be calculated, however officials in the know have claimed that the next wave of complaints could be biggest ever seen. The eventual number could reach up to £5bn, according to some sources.

Banking bosses are keen to draw under the line under the affair, which has escalated further than anyone predicted, to the costliest scandal in UK history.

Lloyds are expected to take the biggest hit, given that it is the biggest bank on the high street, and it sold over half of the mis-sold PPI policies.

These further costs have come as the FCA are expected to announce a deadline on all PPI claims for 2018.