Filed Under:Markets, Commercial Lines

Mis-Sold Loan Insurance Costs Lloyd's Another $1.6B, Dragging Down Q3 Results

LONDON (Reuters) - Lloyds Banking Group took another 1 billion pound ($1.6 billion) hit to compensate customers mis-sold loan insurance, taking its charge for the scandal to 5.3 billion and dragging it to a third-quarter loss.

Britain's biggest retail bank had already set aside 4.3 billion pounds to repay customers wrongly sold payment protection insurance (PPI), far higher than rivals as it had the biggest share of the market for PPI products - w hi ch have become one of Britain's biggest consumer finance scandals.

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