Banks accept defeat on PPI mis-selling

The UK banking industry has dropped its long-running legal dispute over widely mis-sold loan insurance. Barclays and HSBC have this morning followed Lloyds' surprise decision last week to make provision for compensation of consumers. Sharlene Goff, retail banking correspondent, explains how the payment protection insurance scandal arose and considers whether the banks have set aside enough for refunds estimated to total £8bn across the industry.