Lloyds has put aside an additional £1.4bn for customers who were mis-sold payment protection insurance (PPI) and need to be compensated.

It means the bank has now set aside in excess of £13bn in respect of PPI compensation claims.

Last month, Lloyds was fined a record £117m by the Financial Conduct Authority over the mis-sold PPI.

The quarter to the end of June represents the final period in which the bank can set aside PPI compensation against its corporation tax liability.

Lloyds called the additional provision for PPI “disappointing”. It said the extra provision reflected “higher than expected reactive complaints with higher associated redress”.


Source:  BBC Business News


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