Economy

xchrom

(108,903 posts)

26. Lloyds Bank's Bill For Mis-Selling Insurance Just Topped $17 Billion; Layoffs Coming

Tue Oct 28, 2014, 06:47 AM

Oct 2014

http://www.businessinsider.com/r-lloyds-bill-for-mis-selling-insurance-rises-to-over-11-billion-pounds-2014-10

LONDON (Reuters) - Britain's Lloyds Banking Group has taken another 900 million pound ($1.5 billion) charge to compensate customers mis-sold loan insurance, delivering a further blow to the bank which only narrowly passed a European health check.

The new charge on Tuesday took the bank's total cost to cover the mis-selling of payment protection insurance (PPI) to 11.3 billion pounds ($18.2 billion), more than any other bank and close to half of the total bill for the industry.

The policies were meant to cover repayments if customers fell ill or lost their jobs but were often sold to people who did not need them or would be ineligible to claim.

Analysts at Citi said they expected Lloyds to set aside another 1 billion pounds for PPI compensation next year and Lloyds Finance Director George Culmer told reporters on a conference call he could not rule out further increases.

Read more: http://www.businessinsider.com/r-lloyds-bill-for-mis-selling-insurance-rises-to-over-11-billion-pounds-2014-10#ixzz3HR3nQ2Mc

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