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PPI refunds: Mis-selling bill hits £8.9bn

Banks paid out £439 million to victims of payment protection insurance (PPI) mis-selling in January as the total bill for PPI reaches a whopping £8.9 billion.

The January figure is a rise on December, when £360 million was paid out, according to the latest data from the Financial Services Authority (FSA).

The largest monthly payout was in May 2012 when compensation reached £735 million. So far financial institutions have paid out more than £8 billion but the final bill is expected to reach an eye-watering £15 billion.

In recent months banks have set aside more cash to deal with PPI claims, with Lloyds Banking Group allocating an extra £1.5 billion, Royal Bank of Scotland another £450 million and Barclays a further £600 million.

Earlier this year the FSA and the British Bankers' Association held talks over setting a potential deadline for people to put a claim in for mis-sold PPI.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801562250-ADNFCR

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