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Banks increasing fees to pay for PPI refunds

Banks may be increasing their fees in order to give PPI refunds to consumers that were mis-sold payment protection insurance.

The Evening Standard reports that banks have been accused of hiking interest rates and fees on credit cards in order to pay consumers.

A recent high court ruling means that banks have to give PPI refunds to everyone they mis-sold policies to.

Michelle Slade, of financial comparison site Moneyfacts, is quoted as saying: "A few years ago, the big banks used to offer cheaper loans and make up for it by earnings from PPI policies, but now they can't do that as much they're looking to recoup more revenues from the loans

"Rates across the whole of personal finance … are all creeping up. We've seen this before."

The news provider reports that prior to the high court ruling, RBS increased credit card interest rates by 6.6 per cent.

It is estimated that Lloyds will have to pay out £3.2 billion in PPI refunds.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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