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Which? says £10bn PPI claims fund could run out

Banks may have to earmark even more money to cope with the payment protection insurance (PPI) scandal, Which? has said.

The consumer advocacy group predicted that the £10 billion set aside for PPI refunds could be all spent within a matter of months.

Barclays Bank could run out of PPI reclaim money by December 2012, with Lloyds possibly requiring more cash from November and the Royal Bank of Scotland potentially running out of money in six months, it continued.

Furthermore, Which? said that banks should take back the bonuses they paid to senior executives who ran the companies during the PPI scandal in order to deal with the cost of renumeration.

"With well over two million PPI complaints being made in just six months, PPI is now the biggest financial scandal of all time," chief executive officer of the organisation Peter Vicary-Smith claimed.

He had previously claimed the banking industry "has no credibility".

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801458408-ADNFCR

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