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PPI Claim: Banks’ compensation provision could run out by December

Provisions set aside by banks to pay for payment protection insurance (PPI) claims could run out by December, an investigation from Which? has revealed.

It calculated its results based on the pace of complaints being lodged for mis-sold PPI last year. The Financial Ombudsman Service recently reported that it was receiving over 10,000 new PPI claims each week.

Barclays announced that it was setting aside a further £600 million to pay for PPI claims, bringing their total amount of provisions to £2.6 billion. But Which? said that if Barclays continues to pay out for mis-sold PPI as frequently as it is at present then its stock will have run out by October.

Banks are currently trying to get the Financial Services Authority (FSA) to set a deadline for people to make PPI claims, which would be in April 2014. The FSA said that it wants to launch a full public inquiry before a deadline is imposed.ADNFCR-2776-ID-801535527-ADNFCR

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