Claims against banks that mis-sold payment protection insurance could breach the £10bn mark.
Deutsche Bank analysts predicted claims would reach £8bn, almost twice the FSA prediction of £4.2bn. But some bankers believe the figure could soar to more than £10bn, according to the Telegraph.
The analysts said claims against Barclays and RBS could reach £1.13bn and £1bn respectively.
Lloyds Banking Group has said it will settle its outstanding PPI claims, tipping the bank into a loss of £3.47bn for the first quarter of 2011.
Lloyds chief executive António Horta-Osório said the PPI provision was "sensible, prudent and the right thing to do" and would "draw a line under the issue".
A Judicial Review at the High Court found that banks must accept compensation claims from people who were sold a PPI policy before the end of last year.
Banks have the right to appeal before 10 May.
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.
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