This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-39228124

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
Lloyds Banking Group sets aside an extra £350m for PPI Lloyds Banking Group sets aside an extra £350m for PPI
(35 minutes later)
Lloyds Banking Group has set aside a further £350m to cover claims by customers who were mis-sold payment protection insurance (PPI). Lloyds Banking Group has set aside a further £350m to cover claims for mis-sold payment protection insurance (PPI).
The bank is making the additional provision after the Financial Conduct Authority (FCA) set a deadline of August 2019 for making new PPI complaints.The bank is making the additional provision after the Financial Conduct Authority (FCA) set a deadline of August 2019 for making new PPI complaints.
The regulator had originally proposed an earlier cut-off in June 2019. The regulator had originally proposed an earlier cut-off date of June 2019.
Since the PPI scandal broke, Lloyds has paid total compensation of £17bn. Since the PPI scandal broke, Lloyds has set aside total compensation of £17bn.
The bank said in its annual report, released on Friday, that the additional £350m provision will be reflected in its financial results for the first quarter. The relatively high sum of £350m to cover the additional two months followed the FCA's announcement earlier this month that some bank customers will have new grounds to complain if they were not made aware of commission being paid when they were sold PPI.
PPI claims have been falling and in its most recent full year results for 2016, Lloyds more than doubled its pre-tax profit to £4.2bn from £1.6bn. Its PPI provisions fell to £1bn compared to £4bn in 2015. It follows a Supreme Court judgment in November 2014 - what is known as the Plevin decision - that extended the definition of mis-selling for PPI.
Shares in Lloyds rose 1.1% to 69.31p. The court agreed that the bank's failure to tell customers that it was receiving a large commission for sales was unfair.
The FCA has decided that compensation will be calculated if commission of more than 50% was paid.
Anyone who has had complaints rejected will receive a letter explaining that they could have new grounds for a claim.
Lloyds said the additional £350m provision will be reflected in the its results for the first quarter.
PPI claims have been falling and in its most recent annual results, Lloyds' PPI provisions fell to £1bn compared to £4bn in 2015. Pre-tax profit rose from £1.6bn to £4.2bn.
Shares in Lloyds rose 0.7% to 69p.