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Lloyds makes extra £375m provision for PPI compensation
Lloyds Banking Group has reported falling profits and set aside an extra £375m to pay for payment protection insurance (PPI) compensation. Pre-tax profit in the first quarter of 2012 was £288m, compared with a £3.5bn loss in the same period last year. Lloyds' boss said it "reflected the subdued UK economic environment". Lloyds, which is 40%-owned by the government, said the extra PPI provisions were down to "the increase in the volume of complaints". Last week Barclays also increased its provision for PPI compensation, setting aside an extra £300m. PPI is supposed to cover borrowers' loan repayments if they fall ill, die, or lose their jobs. But it became highly controversial and there have been years of campaigning by consumer groups against the widespread mis-selling of the policies.....Read more here--: BBC News - Lloyds makes extra £375m provision for PPI compensationYou must be logged in to post a comment.
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Antonio Horta-Osorio, the chief executive of Lloyds Banking Group, no doubt smelt a rat when he received calls suggesting he could claim mis-selling compensation from his own bank. Now he has gone on the offensive against claims management companies and their scattergun approach to making compensation claims for payment protection insurance (PPI) mis-selling. Mr Horta-Osorio says that one in four claims relates to people who never had a PPI policy with the bank in the first place....Read more here