Lloyds reports additional charge to cover PPI scandal costs

Lloyds Banking Group
Compensating customers mis-sold loan insurance has been a costly exercise for Lloyds. Credit: Ian Nicholson/PA Archive

Lloyds Banking Group today reported an additional charge to cover the cost of mis-sold payment protection claims of £1 billion. It brings the bank's total bill to £5.3 billion.

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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.