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Seven Days: 13 September 2019

Seven Days: 13 September 2019

PPI end in sight

The final deadline for claims against mis-sold payment protection insurance may have passed but the effect of the scandal will be felt in UK banks’ balance sheets for some months yet. Lloyds and Barclays were the latest banks to up their provisions for PPI payments after a surge in applications brought about by publicity around the deadline. It now looks as though the scandal is likely to cost the UK banking industry a total of £50bn by the time it is finally settled, making it the costliest banking scandal to hit the UK’s industry in history.  

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