| Banks, Lloyds PPI Claim, PPI, PPI Scandal

City analysts are forecasting that Lloyds Bank could be due to pay a further £2bn for mis-selling financial products.

The bank has begun to climb back into profitability after only paying fairly modest bonuses in 2015, however a fresh wave of pay-outs in 2016 could halt their progress.

This comes as both RBS and Santander are expected to put aside further provisions to cover their mis-selling of PPI. RBS revealed it had set aside an extra £500m, along with £2bn in various legal fees, which has meant that RBS will make a loss for the 2015 financial year.

This recent activity comes as the FCA are making preparation to set a deadline for PPI payouts, giving the consumer until autumn of 2018 to make a claim.

All the major banks and lenders are preparing for a late surge of claims once the exact deadline is announced. The banks will also be forced to contribute to a £42m ad campaign alerting customers to the deadline.

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