Banks have only themselves to blame for PPI reckoning
over 4 years in The guardian
Some bankers may have thought that PPI products were justified, but it was a scam
What a suitably embarrassing end to Lloyds Banking Group’s misadventure in mis-selling PPI, or payment protection insurance. For the umpteenth time, the bank’s estimate of the cleanup bill has collided with reality and come up short.
A rush of claims by punters, ahead of the August deadline, has forced a £1.2bn-£1.8bn increase in Lloyds’ provisions, taking the total to roughly £22bn. For the entire UK banking industry, the eventual tally now seems likely to land above £50bn, an astonishing sum. For good measure, the regulator’s odd Arnold Schwarzenegger adverts have helped to terminate the last £600m chunk of Lloyds’ £1.75bn share buy-back programme, the one the board was so proud of. Continue reading...
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