British banks ring-fence more than £5 billion for PPI compensation payouts

FSA headquarters

British banks including Lloyds TSB, HSBC, Barclays and Royal Bank of Scotland are ring-fencing more than £5 billion in expectation of customer compensation claims against mis-sold payment protection insurance (PPI) policies.

The banks’ decision to set the money aside has come after a judicial review by the British Bankers’ Association (BBA), the Financial Services Authority (FSA) and the Financial Ombudsman Service (FOS) regarding the FSA’s proposed rules for handling bank complaints. The BBA

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