Banking scandals crush Lloyds’ profits by more than half to £863million as PPI bill soars past £10billion
Friday, 1 August 2014
Banking scandals crush Lloyds’ profits by more than half to £863million as PPI bill soars past £10billion
‘Lloyds has racked up yet another bill of more than £1billion for mis-selling to customers and rigging interest rates. The staggering cost was revealed yesterday, as the state-backed lender announced a sharp fall in profits in the first half of the year.
It has set aside another £600m to compensate customers mis-sold payment protection insurance, taking its total bill for the scandal to £10.4billion.
This equates to around £420 for every household in the UK, or an increase of 2p on income tax.
The total bill across the industry for PPI now tops £23billion, making it the most expensive mis-selling scandal to hit the UK.’
