Top 10 mis-selling scandals cost UK retail banks £53bn since 2000

Lloyds faces biggest fines

Daniel Flynn
Top 10 mis-selling scandals cost UK retail banks £53bn since 2000

The top 10 misconduct scandals have led the UK's retail banks and building societies to be fined nearly £53bn since 2000, according to new data from New City Agenda.

The mis-selling of investment products and advice has accounted for £900m of fines, while pensions mis-selling has cost firms a total of £600m over the last 15 years. According to the latest research from think tank New City Agenda, mis-selling of payment protection insurance (PPI) to consumers accounts topped the list, accounting for £37.3bn of the penalties, more than four times the price of staging the London 2012 Olympics. Meanwhile, the mis-selling of interest rate hedging products to small businesses accounts for £4.8bn of the fines, and endowment mortgages mis-selling caused£1....

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