Lloyds Bank sets aside another £350m for PPI scandal

Lloyds Banking Group has forked out an extra £350m to cover mis-sold payment protection insurance claims, bringing its total bill for the scandal to £17.3bn. The high street lender hived off additional funds after the Financial Conduct Authority extended its proposed deadline for new claims by two months to the end of August 2019. Lloyds said the increased provision would also cover a rise in both the number of claims, and the size of compensation payouts, following the Plevin ruling – a Supreme Court judgment on PPI complaints handling.

Sourced through Scoop.it from: www.independent.co.uk

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