Home Business NewsBusinessLloyds Banking Group sets aside more money for PPI claims

Lloyds Banking Group sets aside more money for PPI claims

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10th Mar 17 2:51 pm

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Lloyds Banking Group has set aside a further ยฃ350m to help cover claims where customers were mis-sold payment protection insurance (PPI).

The bank made the decision after Financial Conduct Authority (FCA) set a deadline of August 2019 for any new PPI complaints.

Since the PPI scandal first broke out, Lloyds has paid out a whopping ยฃ17bn in compensation.

The latest ยฃ350m provision will be reflected in the bankโ€™s financial results for the first quarter.

PPI claims have been falling, in Lloydโ€™s full-year results for 2016 it more than doubled its pre-tax profits to ยฃ4.2bn from ยฃ1.6bn.

Its PPI provisions fell from ยฃ1bn compared to 2015s figure of ยฃ4bn.

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