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UK banks could pay out £5bn in PPI compensation

UK banks could be set to pay out £5.1 billion in Payment Protection Insurance (PPI) compensation over the next five years, it has been revealed.

US investment bank Morgan Stanley has found that major British banks, such as HSBC, Barclays and Lloyds, could be faced with the huge bill if they are found to have mis-sold the policies.

Lloyds could be forced to pay out the most compensation to customers, as it is estimated it could have to pay up to £1.5 billion in claims.

Overall, Morgan Stanley has predicted that the firms will have to pay around £5.1 million over the next five years, around £2.1 billion more than the Financial Services Authority predicted in August.

In this scenario, around £2.5 billion would be paid directly to customers, with the remaining funds required to cover administration fees and fines.

The average claimant is set to receive between £2,000 and £2,500 each.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800200583-ADNFCR

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