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.
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.
