Mis-selling: the true cost to financial institutions

Banks are expected to spend millions on staff, fines and fees for handling complaints

pound-steal

UK banks have paid out £11.5 billion so far in compensation to customers who were mis-sold payment protection insurance (PPI), and an end to the repayments is not in sight. The latest figures from the Financial Conduct Authority (FCA) show that £528 million was paid back to customers in July 2013, above the average for the year so far at £442 million a month – the total payouts continue to rise (see graph below).

And PPI mis-selling is far from being the banks' only concern. Mis-sold interest

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