UK’s Lloyds to reveal hike in PPI compensation costs

Lloyds Banking Group is expected to say the cost of compensating customers mis-sold loan insurance will be far higher than previously thought when it reports third-quarter results on Thursday.

Britain’s biggest retail bank has already set aside 4.3 billion pounds (us$6.9 billion) to repay customers wrongly sold payment protection insurance (PPI), far higher than rivals as it had the biggest share of the PPI market.

Analysts say the final figure could rise by as much as 2.3 billion pounds.

via Business feed http://www.scmp.com/business/banking-finance/article/1074212/uks-lloyds-reveal-hike-ppi-compensation-costs