Lloyds Banking Group has put a further £1.8bn aside for payment protection insurance (PPI) complaints before the August deadline, almost wiping out its third quarter profits.
The £50m of Q3 profits before tax is down from the £1.8bn profit over the same three-month period a year ago – and the latest hit, which is at the top end of estimates, takes the bank's total bill for the PPI scandal to £21.8bn.
The City regulator had set a 29 August deadline for compensation claims for PPI, prompting a surge of claims.
PPI, initially intended to cover loan payments for customers who for example might have fallen ill, but has often been sold to people who did not want or need it, has become the banking industry’s biggest mis-selling scandal.
Lloyds accounts for the largest share of the total bill for the PPI scandal, which has now reached £48bn, and is expected to keep on rising.
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