U.K. Banks to Face $57 Billion Bill From PPI Claims, Mail Says
U.K. Banks to Face $57 Billion Bill From PPI Claims, Mail Says
(Bloomberg) -- U.K. banks face a final bill of 44 billion pounds ($57 billion) to settle claims that they mis-sold payment protection insurance, the Mail on Sunday said, citing its own analysis.
The study is based on published information extrapolated over the period until the Aug. 29 cutoff the Financial Conduct Authority has set for claims, the London-based newspaper said. Lenders in the U.K. have already set aside almost 40 billion pounds to compensate customers.
PPI was often sold using aggressive tactics and, in the worst cases, banks misled customers by telling them that PPI was mandatory for loans. In other scenarios, it was sold without giving clients a full explanation of what it would cover.
To contact the reporter on this story: Franz Wild in London at fwild@bloomberg.net
To contact the editors responsible for this story: Anthony Aarons at aaarons@bloomberg.net, John J. Edwards III, James Cone
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