The total compensation bill for people who have been mis-sold PPI is likely to be the biggest in modern history, analysts have said.Experts at JP Morgan have forecast that the final bill for banks could hit £15 billion, which will break the current record of £13.5 billion handed out during the pension mis-selling scandal in 1994.British banks have so far set aside around £11.5 billion to compensate the individuals they allegedly mis-sold PPI to.Lloyds banking group has the biggest bill so far with £5.3 billion, with Barclays coming in second with £2 billion and the Royal Bank of Scotland is expected to allocate another £300 million on November 2nd, which takes its PPI pot to £1.6 billion.Although the issue of PPI being a poor-value product was originally raised as far back as 1998 by consumer magazine Which?, the FSA did not release its first report on the subject until November 2005.In 2011 the High Court ruled that banks had to re-open thousands of cases of claims of PPI mis-selling.Charles BakerCharles is a reputed financial analyst with decades of experience under his belt.
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