The money banks have set aside for payment protection insurance (PPI) mis-selling compensation will run out by the end of the year, according to analysis from Which?
The consumer group said if pay-outs continue at the current rate the multi-billion funds to meet claims would run out by December. Earlier today Barclays said it had allocated a further £1bn to mis-selling redress, made up of £600m for PPI and £400m interest rate swap hedging products mis-sold to small businesses. Which? said that if current pay-out at Barclays continued its funds would run out in October. Lloyds funds are set to stretch until just March, while HSBC would last out until December. Which? executive director Richard Lloyd said: "Some banks have been in denial about...
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