RBS Sets Aside Extra £900M To Cover PPI Complaints Surge

Law360, London (September 4, 2019, 12:10 PM BST) -- Royal Bank of Scotland said Wednesday that it could be forced to set aside an additional £900 million ($1 billion) to compensate customers for improperly sold payment protection insurance after it received a rise in complaints in the period leading up to the August deadline.

RBS said an influx of complaints in the final days leading up to the Aug. 29 PPI deadline will cost it between £600 million and £900 million. The amount, which will hit the lender’s ’s third-quarter results, adds to the £400 million that it had already laid out in June.

The bank has £4.9 billion on...

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