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Bank charges: Banks owe over £9bn in legal costs

Over £9 billion is owed in legal costs by four of Britain’s biggest banks, according to reports from Credit Suisse.

Analysts at Credit Suisse found that the ten largest banks across Europe have collectively had to pay multi-billion pound bills in legal settlements.

Mis-selling of banking products has had the highest litigation cost for European banks but they have also faced legal costs for Libor-fixing and money laundering.

UK banks, such as Royal Bank of Scotland (RBS) and Barclays, are among those who have faced the highest legal costs. The banks faced bills for mis-selling of products such as payment protection insurance (PPI) and have provisions in place for further costs in redressing mis-sold products.

Both had also been fined previously for Libor-fixing and are settling fines that they have received from the Financial Standards Authority and US regulators.

Other banks that the analysts looked at included HSBC and Lloyds Banking Group.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801543475-ADNFCR

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