Lloyds Banking Group to Face Further £400m Hit in PPI Costs
Northampton, September 4, 2017
Due to the mis-selling of the Payment Protection Insurance (PPI), the Lloyd Banking group has yet taken another hit and taken its bill for the scandal somewhere close to £18bn. Lloyd banking group is supposedly facing the highest PPI compensation costs among all the British Bank.
It is expected to set aside more £400m after it posted first half profits last month. In March, Financial Conduct Authority has announced a deadline (August 2019) for all the consumers who wish to make a claim and register their complaints over PPI.
This prompted Lloyds to book a provision of £350m, which has taken the total amount for the scandal to almost £17.4bn since the year 2011. Since then the volume of PPI claims has been higher than anticipated, raising expectations that Lloyds will be forced to earmark more money for compensation.
Analysts are therefore expecting that Lloyds will experience a decrease in pre-tax profits. Lloyds Banking Group is finding it difficult to put the entire mis-selling PPI scandal behind it. The Financial Chief, George Culmer, made a statement last October which stated that, after the company was hit with more £1bn, he hoped it would be the last big PPI provision.
Jes Staley, the Chief Executive of Barclays has been fixing the company by selling off the peripheral assets. He believes that it will help in streamlining the bank into a more transatlantic focused business.
PPI Refund co.uk is one firm that helps its customers to successfully claim the PPI compensation amount by following a legal procedure. This service provider makes sure that its client receives the rightful amount. Also, based on the customer’s current financial status, they provide them with correct guidelines and consultations.
To know more about the services that they offer, you can log on to their website: http://ppirefund.co.uk/
You can even write to them at firstname.lastname@example.org
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