Lloyds hikes PPI provisions to £550 million

Lloyds Banking Group set aside an additional £460 million ($604 million) in the second quarter of the year for compensation claims related to the misselling of payment protection insurance (PPI) policies, bringing the half-year charge to £550 million. 

The additional provision follows the bank’s expectations of a pick-up in claims volumes ahead of the PPI claims deadline of August 2019. The bank said it expects the number of claims to jump to 13,000 per week, up from 11,000 it previously

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