TSB has 'indemnity' against misconduct claims

TSB is protected against compensation claims by its parent company, the bank's chief executive Paul Pester says.

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TSB boss says it has "indemnity" against any claims for misconduct (PPI etc) until it lists. Lloyds would deal with compensation.

Misconduct claims for the missale of payment protection insurance (PPI) have cost the industry billions of pounds, according to estimates from the Financial Conduct Authority.

Read: Lloyds announces TSB flotation

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Lloyds announces TSB flotation

A 25% stake in TSB is to be floated on the stock market next month, owner Lloyds Banking Group has announced.