Lloyds Banking Group Takes Out Extra GBP350 Million Provision Over Selling Unnecessary Insurance
11 March 2017 - 1:43AM
Dow Jones News
By Max Colchester
Lloyds Banking Group PLC Friday said it had taken an extra 350
million pound ($426 million) provision to cover future payouts to
customers sold insurance products they didn't need.
The provision came after a U.K. regulator extended a deadline
for claims until August 2019.
The bank's total provision for payment protection insurance
stands at GBP17 billion.
Write to Max Colchester at max.colchester@wsj.com
(END) Dow Jones Newswires
March 10, 2017 09:28 ET (14:28 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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