Lloyds, Barclays Predict £1B-Plus Hit From Insurance Claims

Law360, London (September 9, 2019, 12:37 PM BST) -- Two of Britain's biggest banks said Monday they are facing an extra bill of more than £1 billion ($1.2 billion) each to cover a late surge of complaints about payment protection insurance, after they revealed they have been swamped with more claims than expected.

Lloyds has said that complaints about the controversial insurance product have already cost it £650 million this year, £550 million of which it spent in the second quarter. (AP) Lloyds Banking Group said it has earmarked between £1.2 billion and £1.8 billion to cover the cost of fresh claims for the controversial cover, known as PPI, which...

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