Some of Britain's biggest banks are facing a hefty compensation bill today after the City watchdog found "serious failings" in the sale of complex financial products to small businesses.
Lenders paid out £500 million compensation in March to victims of payment protection insurance (PPI) mis-selling, the highest single month of redress in 2012 .
RBS has set aside an additional £125 million to cover payment protection insurance (PPI) claims, as the realisation of the true scale of the mis-selling scandal grows by the day.
The UK arm of Santander said today it had set aside more than half a billion pounds to cover the costs of mis-selling payment protection insurance (PPI) to its customers.
27 July 2011
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