Here’s a statistic which neither the banks nor the government want any fuss over. The HSBC (The Hong Kong & Shanghai Banking Corporation) has  made a provision of $2.4 billion against claims in respect of mis-sold  Payment Protection Insurance (PPI). However, it has sold $4.1 billions’ worth of PPI…….. THAT’S a profit of  $1.7 billion. If we assume that other banks have enjoyed a similar success ratio, they’re quids in! Wondering how many of these policies were sold by our banks? About 45 million.

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