Jump In PPI Bill Expected To Be £5bn
The next few months will prove to be a very interesting time in the whole PPI mis-selling saga.
The impending media attention is prompting lenders to set aside large sums as a widely anticipated jump in the PPI bill looms.
What can we expect?
Whilst the major banks have already set aside £27 billion, the overall figure including the remaining lenders already stands at £31.5 billion.
At the beginning of the scandal the banking industry put their estimate that the final bill would be £25 billion.
Our estimations have always suggested a figure closer to £42.5 billion.
Rumours emanating from the city suggest the major banks will set aside a further £5bn over the coming weeks, taking the bill to £36.5bn.
With the major announcements also expected and a media campaign having to be funded by the banking industry we have no doubt that the final bill will reach our estimated figure.
Who is increasing their PPI bill?
We expect most, if not all, of the major banks to be setting aside further compensation over the coming weeks.
We expect the Lloyds Banking Group to be setting aside approximately £2.5 billion.
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