Lloyds hit by £1.8bn fresh PPI costs

Lloyds Banking Group faces an extra bill of up to £1.8bn, covering claims for the mis-selling of Payment Protection Insurance (PPI).

The bank said it has seen “significant spike” in claims in the run-up to the final deadline of 29 August, and added that it would be suspending its share buyback plan, as a result of the uncertainty over PPI payments.

“Including claims by the Official Receiver, the group now estimates that it will need to make an incremental charge for PPI claims, in addition to the provisions to 30 June 2019, in the range of £1.2bn to £1.8bn in its Q3 interim management statement,” the bank said.

RBS has also said it expects to take an additional charge of between £600m and £900m.

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