PPI claims 'underpaid by £1bn' as banks ignore fees

Lloyds, Barclays, MBNA and Capital One accused of ignoring fees and charges in PPI compensation

Lloyds banking group
(Image credit: 2011 Getty Images)

An investigation by the BBC has found some banks have underpaid customers when compensating them for mis-sold PPI (Payment Protection Insurance), with one expert saying the total amount still owed is as much as £1bn.

The banks in question – Lloyds Banking Group, Barclays, MBNA and Capital One – have repaid customers the premiums on mis-sold policies, plus interest, but have not included fees and other charges triggered by the policies.

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