Lloyds PPI bill hits £5.3m

The bill for mis-sold payment protection insurance (PPI) at taxpayer-backed Lloyds Banking Group smashed through the £5 billion barrier today as claims against the bank continue to pile up.

Lloyds needed to address PPI legacy to move on, CEO says

The head of Lloyds Banking Group said it had made "significant progress" despite reporting a third quarter loss, caused by additional costs from the PPI scandal.

"We could not transform this business without addressing the PPI legacy," Chief executive Antonio Horta-Osorio said, adding that he was confident the group could rebuild the trust of its customers.

Mr Horta-Osorio said the scandal happened as banks "lost sight of their core values, had become complacent, non-customer focused and inefficient".

Advertisement