Top up to payment protection insurance provision drives Spanish bank’s UK arm to fourth quarter loss of £82mThe UK payment protection insurance (PPI) scandal is continuing to haunt major banks after Santander set aside another £450m to pay compensation to customers who were mis-sold.
The top up to the provision – the Spanish bank’s first for a year – came as Royal Bank of Scotland added another £500m to its PPI compensation fund and drove the UK arm of Santander to a fourth quarter loss of £82m. Related: RBS takes 2.5bn hit to profits as chief executive announces bank 'clean-up' Related: As Santander raises its fees, check that 123 still adds up Continue reading...
Source: theguardian.com