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Lloyds to have last word on scale of PPI scandal

We find out the final mis-selling bill when the banks report this week, with the black horse bringing up the rear

More than £50bn – that’s what the PPI scandal has cost Britain’s banks. How much more will become clearer this week when Lloyds, the biggest seller of the dud product, winds up the banks’ trading statement season on Thursday.

PPI – short for payment protection insurance – is the biggest rip-off in British banking history. The bill so far for repaying customers and handling claims is as much as £53.3bn – more than five times the cost of the London Olympics – according to the New City Agenda thinktank.

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