| Banks, Lloyds PPI Claim, PPI, PPI Scandal

Lloyds banking has admitted that it is still completely in the dark about how much their final bill for the mis-selling of PPI is likely to cost them.

The bank announced another £1billion to provide compensation for PPI mis-selling, taking the provision total up to £17bn so far. The scandal has so far cost the industry £30bn.

Lloyds confirmed that the bank has had to make further provisions due to the extension of the claims by deadline in 2019.

As well as taking into consideration the further provision of over £100m to cover other issues relating to conduct, such as £100m in relation to packaged bank accounts.

The UK Government has also spoke of its intention to sell off its remaining 9% stake in Lloyds in the next year or so; signalling the return to the taxpayer a figure of £17bn out of the £20.5bn that was fronted by the public to bail them out in the times of financial crisis.

Then there is the prospect of further dividends being paid to shareholders this year and in the future.

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