UK banks have been putting aside more money to pay claims against mis-sold payment protection insurance following a rush of consumer inquiriesLloyds Banking Group will set aside up to an extra £1.8bn to settle mis-selling claims in Britain’s costliest consumer banking scandal, and said it was suspending its 2019 share buyback programme.
The payment protection insurance saga has already cost lenders more than £36bn in payouts, with analysts estimating the final bill could top £50bn. Lloyds said on Monday it had received 600,0000-800,000 requests for information about payment protection insurance in August, well above its expectations of about 190,000.
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