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Banks set to reveal extra £1bn for PPI claims

British banks are set to reveal they have earmarked a further £1 billion to cope with the cost of the payment protection insurance (PPI) misselling scandal.

The 'big four' lenders - Lloyds Banking Group, HSBC, Barclays Bank and the Royal Bank of Scotland - are all expected to reveal they set aside more cash to deal with PPI claims during the second quarter of 2012 when they release their half-year results in the immediate future.

This will bring the total amount of money spent on PPI refunds to nearly £8 billion.

RBS is anticipated to have set aside a further £125 million, while HSBC will have increased its PPI claims pot by £300 million and Lloyds will have had to raise its provisions by £300 million.

Barclays is forecast to be the only one of the Big Four to have reduced the amount of money it spent on PPI refunds.

"Paying back missold PPI promptly must be a priority for lenders that made billions from this deeply flawed product," Which? executive director Richard Lloyd recently said.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate financeADNFCR-2776-ID-801414156-ADNFCR

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