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20 Apr

Lloyds takes fresh £1bn hit from PPI compensation claims

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Lloyds Banking Group has taken a fresh £1.6bn hit in the first six months of the year to cope with a new wave of claims from consumers missold payment protection insurance and to rectify treatment of mistreated mortgage customers.

The figure includes an additional £1bn charge for PPI – a scandal that has now cost the bank £18.1bn since it first started taking provisions in 2011.

Source: https://www.theguardian.com/business/2017/jul/27/lloyds-ppi-compensation-claims-banking-group-mortgages

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