By Jonathan Davies

The cost of the Payment Protection Insurance (PPI) mis-selling scandal is nearing £25bn, according to consumer group Which?.

The amount that the UK's five biggest banks have either paid or set aside for compensation has reached £24.4bn, Which? said.

The financial ombudsman, which handles disputes that cannot be resolved between the bank and the customer, said that claims have not slowed down as much as expected.

The latest total comes after the wash of trading updates from the banks this week.

Today (Tuesday), Barclays said that it set aside a further £200m in the final quarter of 2014, taking its total for the year to £1.1bn.

Lloyds added another £700m to its provision, resulting in £2.2bn being set aside in 2014. RBS and HSBC set aside £650m and £624m, respectively. And Santander added £30m to its provision.