RBS Swings To 3rd Quarter Loss After £900M Misselling Bill

Law360, London (October 24, 2019, 12:19 PM BST) -- The Royal Bank of Scotland slumped to a loss in its third quarter after it was hit by an unexpected £900 million ($1.2 billion) bill to compensate customers for improperly sold payment protection insurance, the bank said Thursday.

The Edinburgh-based lender said it had already set aside £6.2 billion to cover the cost of the scandal surrounding the controversial cover, known as PPI, but found this would not be enough after it saw “greater than predicted complaints volumes" as the clock ticked down to the Aug. 29 deadline for filing complaints.

The bank reported a loss of £8 million compared with...

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