HSBC has become the latest giant to set aside extra cash to pay victims of mis-sold payment protection insurance, once again highlighting the huge scale of the scandal.

The bank has earmarked 220 million for paying back customers it wrongly flogged the cover to, taking its total to 1.2 billion.

Last week, Royal Bank of Scotland set aside another 400 million and Lloyds Banking Group 1 billion, taking their totals to 1.7 billion and 5.3 billion respectively.

Barclays had already revealed an additional 700 million, giving it a total of 2 billion.

The additional sum helped trigger a 51% slide in HSBC's pre-tax profits. In the three months to 30 September, the bank made 2.2 billion.

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