Lloyds Profits Knocked By £1.8B Insurance Misselling Hit

Law360, London (October 31, 2019, 12:29 PM GMT) -- Lloyds Banking Group took a £1.8 billion ($2.3 billion) charge to its quarterly earnings to cover a surge of complaints about wrongly sold payment protection insurance that flooded in before the August deadline for claims, the bank said Thursday.

Lloyds has said that pretax profits for the three months to the end of September slumped to just £50 million ($65 million), partly a result of providing for compensating customers over PPI cover. (AP) Pre-tax profits for the three months to the end of September slumped to just £50 million, partly a result of the provision the bank made for compensating customers...

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