THE amount banks will have to pay in compensation for payment protection insurance miss-selling is likely to rise again after the Financial Conduct Authority put off making an announcement about the final deadline date for claims.
In August the regulator announced that it was likely to set the middle of 2019 as the cut-off point for accepting PPI claims. As this was later than the industry was expecting the banks increased their PPI provisions in their third-quarter updates, with Royal Bank of Scotland upping its total provision from £996 million in January to £1.2 billion in September.
Bank of Scotland owner Lloyds, meanwhile, made an extra provision of £1bn, taking the total it expects to pay for PPI redress to £17bn.
The FCA has now announced a revised timetable, with no decision on the deadline expected until early 2017.
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