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RBS to book up to £900M in fresh PPI provisions in Q3

Royal Bank of Scotland Group PLC said it expects to book an additional charge of between £600 million and £900 million to settle payment protection insurance mis-selling claims.

The fresh provision, which will be booked in the third quarter, will be on top of the £5.3 billion that the bank has already set aside as of June-end, of which £4.9 billion has already been utilized.

RBS said the volume of claims it received during August was significantly higher than expected, with a further surge in the days leading up to the Aug. 29 deadline for filing complaints.