Banks' PPI bill reaches £10 billion

Updated
Lloyds
Lloyds

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HSBC has earmarked a further £340 million to settle claims for mis-sold payment protection insurance (PPI), which with other expected provisions this week will bring the total amount set aside by Britain's big highstreet banks to close to £10 billion. This looks to be the biggest consumer financial scandal of all time - eclipsing pensions mis-selling and endowment mortgages.

But alas not all of this is going to the millions of people who have been mis-sold the controversial insurance. Claims management firms, which offer to help people get their money back but charge huge fees, have cashed in to the tune of £1 billion. Read on for some tips for making a claim, for free, yourself.

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