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PPI refunds could double initial projections

The amount that banks will have to pay in PPI refunds could be double what was initially predicted.

Following a high court ruling, banks have been ordered to compensate consumers that have been sold payment protection insurance.

According to the Financial Times Adviser, banks are setting aside more than what the Financial Services Authority (FSA) and the British Bankers' Association (BBA) said it would cost.

The BBA and FSA predicted that it would cost the banks £4.5 billion.

However, Lloyds has set aside £3.2 billion, Lloyds £1 billion, RBS £850 million and HSBC has designated £268 million to cover PPI refunds and administration.

A statement from the FSA said: "Banks must now get on with handling all PPI complaints and paying redress where appropriate - the FSA stands ready to work with them on the practical implications of this."

Since the FSA took over regulation of PPI, there have been over 1.5 million complaints about payment protection insurance.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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