26th November 2012
The new forecasts came as the Financial Ombudsman Service revealed it is looking at taking on another 500 staff to deal with PPI complaints, despite already doubling its workforce in the last two years to 2,500 to cope with the scandal.
The biggest banks have already set aside more than £10bn for PPI compensation, and consultancy Economic Perspectives – one of the few to predict the financial crisis – believes the industry as a whole will eventually pay out £16bn.
Source: City A.M
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