Royal Bank of Scotland will set aside a provision of £850m to compensate customers for the mis-selling of payment protection insurance (PPI).

The bank revealed in a stock exchange announcement yesterday evening that it would not appeal the judicial review decision relating to PPI and that the £850m charge would be taken against its second-quarter results.

RBS said to date it has already paid PPI compensation of around £100m, and has an existing provision of £100m.

Last Friday, when the bank announced its first-quarter 2011 results, it refused to estimate how much PPI mis-selling would cost it.

Rival banking group Lloyds announced last Thursday that it had set aside £3.2bn for PPI mis-selling compensation, tipping the bank into a £3.47bn loss for the first quarter of 2011. Yesterday Barclays set aside 1bn.

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The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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