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Lloyds takes £350 million hit from mis-sold insurance

Lloyds takes £350 million hit from mis-sold insurance | Insurance Business

Lloyds takes £350 million hit from mis-sold insurance
The insurance hits just keep on coming for Lloyds Banking Group.

Despite the fact that the bank saw its profits hit a 10-year high last month, doubling what it achieved one year earlier, insurance premiums for the firm fell back. Now, it has taken another hit related to the mis-selling of loan insurance.

It was revealed by Reuters earlier today that the company has taken another £350 million provision in an effort to compensate customers for mis-sold policies. 

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The largest mortgage lender in the country noted that the charge will be reflected as part of its first quarter results which will be revealed late in April. 

The announcement comes shortly after Britain’s financial watchdog decided to push back the PPI claims deadline for consumers – they can now make compensation claims until August 29, 2019.