LONDON: Lloyds and Barclays on Monday said a surge in late claims could see them pay out around US$2 billion more each to settle Britain's costliest consumer banking scandal, the mis-selling of payment protection insurance .
Britain's High Court in 2011 ruled that consumers could retroactively seek compensation for mis-sold policies.The subsequent rush of claims has been a boon for consumers, egged on by a rise in so-called claims management companies, with lenders having paid out more than 36 billion pounds in total and the final tally expected to top 50 billion pounds.
As a result, it expects to set aside a further 1.2-1.8 billion pounds in its third quarter results to cover payouts.
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