A few hundred million here, a billion there. A running total of nearly £50 billion. That isn’t how much profit Britain’s banking industry has made in the past ten years. It is how much the banks have had to pay to cover their biggest collective mistake: payment protection insurance mis-selling.
And yet, as that scandal has dragged on over the past eight years, hardly a word has been heard from banks’ shareholders about it. When it comes to PPI, most people associate it with annoying calls and texts from claims management companies, not the banks that sold the policies in the first place.