Lloyds Banking Group sets aside more money for PPI claims

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Lloyds Banking Group has set aside a further £350m 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 £17bn in compensation.

The latest £350m provision will be reflected in the bank’s financial results for the first quarter.

PPI claims have been falling, in Lloyd’s full-year results for 2016 it more than doubled its pre-tax profits to £4.2bn from £1.6bn.

Its PPI provisions fell from £1bn compared to 2015s figure of £4bn.