THE owner of Clydesdale Bank revealed yesterday it has set aside £350 million for PPI-related costs.

CYBG’s announcement came after the group saw the number of claims surge to 59,000 in the six months to March 31.

Shares in the group, which also owns Yorkshire Bank, fell by about six per cent in early trading after the announcement was made.

CYBG said it anticipated another 110,000 by the complaints deadline set for August next year.

In a statement, CYBG cited an advertising campaign by financial regulators to help raise awareness of the PPI deadline.

It added: “The elevated level of complaints has been driven by a combination of factors including heightened media coverage, the FCA advertising campaign and increased activity by claims management companies.

“The group now expects the current level of complaints to remain at an elevated level for

a period of time, followed by a reduction in volumes and

costs as we approach the time

bar in August 2019.”