'The biggest mis-selling scandal': PPI payouts top £10bn

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More than £10bn has now been returned to payment protection insurance (PPI) policyholders by the banks and building societies that mis-sold it to them, according to the latest figures from the Financial Conduct Authority (FCA).

Since January 2011, £10.1bn has been paid back to customers who complained about the way they were sold PPI.

The £424m repaid in April this year took the figure over the £10bn mark in what consumer group Which? called the "biggest financial mis-selling scandal of all time".

Lloyds, HSBC, Santander, Nationwide and RBS are among the banking giants to have returned money to consumers.

A total of £14bn has been set aside by banks for compensation. Lloyds Banking Group has made the biggest provision, putting aside £6.7bn so far to compensate customers of Lloyds TSB, Black Horse Finance, Halifax and Bank of Scotland.

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