Which? executive director Richard Lloyd said:
“The staggering PPI mis-selling bill continues to haunt our major banks and the extra provision announced by Lloyds today reveals this scandal is far from over.
“All banks need to do more to resolve claims fairly and make it as easy as possible for people to get back the money they’re entitled to, so that they aren’t forced to take their complaint to the Financial Ombudsman, or use unscrupulous claims management companies.”
The total amount now set aside by the big five banks alone for PPI compensation is around £22.2 billion.
This breaks down as follows:
Lloyds Banking Group has set aside an additional £900 million taking their total to £11.3 billion
RBS total is £3.25 billion
Barclays total is almost £5 billion
Santander UK total is £811 million
HSBC total is £1.97 billion