LONDON: Britain’s largest banks have paid 60% of their profits since 2011 in fines and repayments to customers, according to a report by accountants KPMG.
Costs including repayments relating to Payment Protection Insurance (PPI) and so-called interest rate hedging products cost banks £9.9bn last year.
It was a reduction of 8% from 2013, said KPMG.
The accountants analysed the results of Royal Bank of Scotland, Lloyds, HSBC, Barclays and Standard Chartered.
The total in penalties for the last four years was £38.7bn.
