Millions waiting for PPI payout as deadline approaches

The mis-selling of Payment Protection Insurance is costing British banks billions of pounds.

When they lost their lengthy court battle over PPI earlier this year, HSBC, RBS, Barclays and Lloyds were given until Wednesday 31st August to settle the mass of claims that had been delayed during a judicial review.

By the end of Wednesday, all of these claimants should at least receive a letter with a verdict on their claim and the amount they should receive.

Richard Lloyd is the executive director of the consumer group Which? and he told the BBC that banks "should just get on with" compensating their customers.