Lloyds to apportion significant funds for PPI claims.
Global Banking News-July 31, 2015--Lloyds to apportion significant funds for PPI claims
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Global Banking News - 31 July 2015
Lloyds Bank may have to apportion a significant amount of funds for settling PPI claims.
Last month, the bank was fined a record GBP117m by the Financial Conduct Authority (FCA) over the mis-sold PPI. The bank has set aside a further GBP1.4bn to compensate customers who were mis-sold payment protection insurance.
The bank said it had identified about 1.2 million previously defended PPI complaints for re-review at the end of 2014. That had now increased to 1.4 million cases.
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