- Royal Bank of Scotland said it had made total provisions for mis-sold payment protection insurance of £5.3bn after it experienced a higher-than-expected volume of claims during August.

Britain's Financial Conduct Authority had set a complaints deadline of 29 August.

'The volume of claims received during August was significantly higher than expected, with a further spike in the final days leading up to the deadline,' the lender said.

RBS said it therefore now expected to make an incremental charge for PPI claims, in addition to provisions recorded to 30 June, in the range of £600m-to-£900m in its third-quarter 2019 results.

'The processing of claims is ongoing and the ultimate provision recognised could be above or below this range,' it added. Story provided by