RBS sets aside £2bn to cover PPI mis-selling charges and other settlements
by Phoenix Funds
The Royal Bank of Scotland (RBS) has set aside £2bn to cover charges of past misconduct including the PPI mis-selling scandal.
The biggest state-backed bank in the UK has reserved £1.5bn to pay for litigation claims in the US in connection to residential mortgage-backed securities. This means RBS is still dealing with ‘bad debts’ costs over the sub-prime mortgage crisis between 2007 and 2009.