Lloyds Bank – PPI bill raised by a further 750 Million

It is not over – Lloyds Banking group have set aside a further £750 Million to compensate PPI mis-selling in what has been the biggest mis-selling scandal of all time.   UK banks have in total set aside over £17 billion pounds to compensate customers who were mis-sold payment protection insurance (PPI). Of the overall provision, Lloyds banking group have taken the majority of the stake holding a massive £8 Billion which includes £1.7billion for administration costs.   The group, which is 33 per cent owned by the taxpayer, recorded statutory pre-tax losses of £440 million in the third quarter of the year. This is a huge increase compared with a £151 million loss in the same period last year, however no surprise as Lloyds Banking had become the most complained about financial business in the first half of 2013.   Lloyds are now in talks with Britain’s financial regulator about the possibility of restarting dividend payments next year for the first time since 2008 and will set out its dividend policy alongside its 2013 results next February.

Lloyds bill raised