Big 4 Banks Set Aside Close to £20 Billion for PPI Payouts

Following an announcement from Barclays a few days ago that they’ve set aside an additional £900 million for the cost of PPI, the banking giant has now set aside £4.8 billion. But how much have the 4 major banks set aside in total to payout for the PPI mis-selling scandal.

• Barclays – £4.8 billion
• HSBC – £2.1 billion
• Lloyds – £9.83 billion
• Royal Bank of Scotland – £3.1 billion

The bill for Lloyds looks set to be almost as high as for the other 3 major banks all combined.

(Sources: Guardian and Financial Times).

This leaves the total pot put aside by the UK’s 4 biggest banks at £19.83 billion. Massive. And there’s no guarantee this figure won’t end up increasing over time.