HSBC sets aside an extra £353m to pay for PPI mis-sellling

It says the additional cash has been put aside to reflect an increase in claims driven by claims management companies (see our PPI guide to reclaim yourself for free – you don't need to pay a claims firm to do it for you).

HSBC has now set aside a total of £2.46 billion to pay for PPI mis-selling. It has also today revealed it has set aside £236 million to cover a regulatory investigation into the rigging of foreign exchange (forex) markets.

RBS, Barclays and Lloyds Banking Group all announced that they'd set aside extra provisions to cover PPI reclaiming last week.

• RBS has put aside a further £100 million, taking its total provision for PPI to £3.3 billion.

• Barclays has set aside an extra £170 million, taking its total provision to £5.02 billion.

• Lloyds Banking Group has put aside a further £900 million, taking its total PPI pot to more than £11 billion.

According to the latest statistics from the Financial Conduct Authority, £16.3 billion has been paid out since January 2011 by the firms that make up the vast majority of PPI complaints.

A total of £383.2 million was paid out during July to customers who complained about the way they were sold PPI.

HSBC also reported profits for the three months to 30 September of £2.88 billion.

Additional reporting by the Press Association.