Lloyds' £1.8bn PPI provision shows cost of failure still rising

Lloyds Banking Group

Volumes of complaints over mis-sold payment protection insurance (PPI) in the UK are staying high longer than banks expected, according to an announcement this morning from Lloyds Banking Group; the bank also faces higher than expected bills for rate hedge mis-selling. In advance of its fourth-quarter results, Lloyds said today that it had set aside another £1.8 billion for the costs of administering PPI complaints and compensating the victims of mis-selling by its staff. "Our revised p