The bill for the mis-selling of payment protection insurance (PPI) by the five biggest banks in the UK has now reached £24.4bn, says consumer group Which?. Various banks have revealed extensions in their provision for dealing with compensation claims in recent days. PPI was mis-sold on a massive scale to people who did not want or need it. The financial ombudsman, which adjudicates on complex cases, says the rate of claims has not slowed as much as it had expected.

Banks' bills

The amount set aside for PPI mis-selling has been detailed in banks' annual results released over the past few days. Barclays said its provision increased by £200m in the last three months of 2014, taking the year's total to £1.1bn. Santander added another £30m. Lloyds, partly owned by the taxpayer, set aside a further £700m over the same period, bringing its total for the year to £2.2bn.....Read more here