PPP KINGDOM

PPP KINGDOM

BARCLAYS SETS ASIDE £1B FOR CONSUMERS WRONGLY SOLD PAYMENT INSURANCE

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In a fresh blow to an industry already under pressure from UK regulators to clean up its act following the financial crisis, banks said they would not appeal against a ruling requiring them to compensate people for mis-selling payment protection insurance (PPI).

http://www.irishtimes.com/newspaper/breaking/2011/0509/breaking33.html

Britain’s banks had been aggressively selling ‘ineffective and inefficient’ – but highly profitable – payment protection insurance for more than a decade

http://www.guardian.co.uk/business/2011/may/05/how-ppi-scandal-unfolded

The FSA had previously estimated that around 3 million people could be eligible for PPI refunds, worth a total of £4.5bn. Lloyds held around a third of the PPI market, followed by Royal Bank of Scotland with 18%. The size of Lloyds’s provision suggests that the total PPI bill could now be close to £10bn. Analysts at Deutsche Bank estimated on Thursday that the total industry cost would be £8bn.

Best Regards,

FINANCIAL WARRIOR

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