Banks abandon fight against PPI compensation payments
9 May 2011 Last updated at 22:44 BST
Up to four million people could be in line for compensation after the banking industry gave up its legal fight over the mis-selling of payment protection insurance, a move that could cost the banks more than £6 billion.
The policies were supposed to cover loan repayments in the event of illness or redundancy.
Our Business Editor, Robert Peston, reports.