britain's biggest banks earmarked billions of pounds for 'remediation costs' and fines over the last three years  britain's biggest banks have racked up a £39billion bill in just three years to pay for their financial scandals ‘remediation costs’ wiped out 61 per cent of their profits between 2011 and 2014, according to accountants kpmg the bill has been driven by the payment protection insurance scandal, with banks setting aside £47billion last year to compensate customers another £23billion was earmarked by banks including barclays, royal bank of scotland and hsbc to pay fines for rigging foreign exchange markets the total charge for wrongdoing last year – £99billion – was only 8 per cent less than the previous year describing it as a ‘problem that won’t go away’, kpmg said banks also face mounting costs from employing an army of compliance staff to keep them out of trouble rbs is thought to be facing a multibillion pound settlement in the us for mis selling toxic bundles of mortgage debt – known as mortgage backed securities – in the run up to the financial crisis barclays is also braced for a huge fine for rigging foreign exchange rates, having put aside £125billion so far to cover the bill but the uk’s strengthening economy has driven a 72 per cent drop in losses from bad loans, with write offs falling to £52billion last year rbs was boosted by £14billion after not as many loans went sour as it had feared this compares with an £81billion charge in 2013 so called ‘impairment charges’ at lloyds fell £2billion to £752million as the improving economy meant fewer retail customers and businesses defaulted on their repayments scroll down for video  this translated into a surge in the bottom line, with lloyds posting a £18billion profit, up from £415million in 2013 rbs’s losses narrowed to £35billion last year from £82billion in 2013 barclays, hsbc and standard chartered all saw profits fall kpmg said banks must ‘urgently tackle’ their low return on equity – a key measure of shareholder value – and need to invest in technology to increase their profits tougher regulations forcing them to hold more capital have made it more expensive for them to do business, especially in higher risk areas banks including rbs and barclays have responded by shrinking their investment banking arms kpmg’s bill michael said: ‘banks are undergoing a once in a lifetime change, as they face evolving regulation, technology and society’s expectations … if further regulation creates too many strictures on non retail banking, the industry risks losing its global relevance’ kpmg said banks must ‘urgently tackle’ their low return on equity and need to invest in technology to increase their profits
britain 47billion last year 99billion 23billion
britain's banks set aside £47billion last year in ppi compensation last year  another £23billion was earmarked for fines for rigging foreign markets  total charge of wrongdoing last year was £99billion, figures revealed 