Investing
HSBC to ‘set aside extra £300m’ for PPI mis-selling
Written By:
IFAonline
Posted:
Updated:
30/07/2012
Banking giant HSBC is expected to make an extra provision of as much as £300m to cover compensation costs related to the mis-selling of payment protection insurance (PPI), according to reports.
The bank, which has already made more than £700m available to meet PPI claims, is set to announce its first-half numbers on Monday.
According to reports in the Telegraph, the bank is also set to put aside about £200m to compensate small business customers mis-sold complex interest rate derivatives.
Last week, Barclays made a £450m provision for swap mis-selling.
It follows a review of the products by the Financal Services Authority, which was informed by evidence suggesting the products were being mis-sold to small businesses.
