Lloyds Bank Hit With Additional £550M Misselling Charge

Law360, London (July 31, 2019, 11:43 AM BST) -- Lloyds Bank said Wednesday it has been forced to set aside a further £550 million ($670 million) provision for victims of payment protection insurance scandal as the end-of-August deadline for compensation claims draws near.

Lloyds said it took the £550 million ($670 million) hit after a “significant increase” in numbers of customers wanting information from the bank before the August deadline for PPI claims. (AP) Lloyds Banking Group PLC and other major British lenders have been ordered to repay customers who were sold unnecessary loan insurance known as PPI in a scandal that dates from the 1990s. Including the latest costs,...

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