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.

Featured Video

Most Recent Videos

Video Library ››

Top Story

What grade does your state get for its insurance regulations?

Eight states received an “A” grade, and one state received an “F.” Insurance is regulated almost entirely by the state level, and here's a report card on how the states are doing.

Top Story

3 tips for becoming a lead-generation master

A lead-generation master takes full advantage of all the possibilities for attracting prospects through their website, not just through their contact forms.

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.