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Co-op puts aside £90m for PPI refunds

The Co-operative Bank has set aside £90 million for the PPI refunds it will have to pay out.

Following a recent High Court ruling, banks will now have to pay back consumers who were mis-sold payment protection insurance.

Co-op has revealed that it has put £90 million to refund its customers, with a spokesperson for the bank explaining that this decision was made after the British Bankers' Association announced it will not proceed with its appeal regarding PPI complaints.

They said: "Co-operative Bank confirms that it will make a provision of £90 million in its 2011 accounts to cover the cost of redress and administration of PPI cases. The Bank will now process all complaints that were on hold, as well as any new ones from customers.["]

The spokesperson added that the Co-operative Bank apologises to customers who were mis-sold PPI and they said that complaints will be dealt with in a "fair, personal, easy and responsible manner".

John Fieldman

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

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