Co-Op Bank Losses Deepen With £60M Misselling Hit

Law360, London (November 7, 2019, 2:22 PM GMT) -- The Co-operative Bank posted losses of £118 million ($151 million) in third-quarter results on Thursday as it revealed it has set aside an additional £60 million to pay back consumers who were improperly sold payment protection insurance.

The hit to profits was greater than in the same quarter last year, up by 36% from the £87 million losses the Co-op reported in the three months to September 2018, as the bank deals with a larger-than-expected number of claims for compensation from victims of the PPI scandal.

Complaints about the insurance product surged as the Financial Conduct Authority’s deadline for filing requests for compensation grew...

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