Banks' PPI costs could double to £25bn


The newspaper reported that this is nearly double the £13bn that banks have set aside for repayments so far, according to calculations based on the Financial Services Authority’s (FSA) monthly PPI payout figures and historic selling data.

And it added that in a “worse-case scenario” the costs of PPI could be as high as £40bn, if the banks were forced to pay back every fee they generated over more than a decade.

The hike in repayment costs follows an order from the FSA to banks to contact

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected].

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: