RBS allocates a further 465m for PPI claims

0
227

The Royal Bank of Scotland has set aside a further 465m for PPI claims as it is revealed that claims are expected to continue for a much longer period than expected.

The cumulative provision for PPI has now reached 3.2Bn of which 2.2Bn had been utilised by December 2013 with the remaining sum set to cover any further redress and supporting administration costs.

The RBS trading results are due to be released on February 27th and RBS have also confirmed a total of 1.9Bn has been set aside to cover various other claims and matters related to litigation involving its mortgage services.

The bank has claimed that is was a victim of its own success in many ways and as a result of being the biggest bank in the world, have faced intense and increased scrutiny from its customers and regulators accordingly.

Article score

LEAVE A REPLY