Britain’s biggest banks face another 19b pounds of charges over next two years

LONDON: Britain’s biggest banks face another 19 billion pounds of charges relating to past misconduct over the next two years, ratings agency Standard & Poor’s (S&P) said in a report on Monday.

S&P said Britain’s banks and customer-owned lenders had incurred 48 billion pounds in misconduct and litigation charges over the past five years.

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S&P said the mis-selling of payment protection insurance (PPI) on loans and mortgages had so far cost the banks more than 26 billion pounds. It expects banks to face over 5 billion pounds of further PPI charges in the next two years.