Lloyds may set aside additional $847M to compensate consumers wrongly sold insurance on loans

Lloyds Banking Group Plc may need to set aside 500 million pounds ($847 million) more to compensate consumers who were wrongly sold insurance on loans. That charge would come just days after Lloydss behavior was called reprehensible by Bank of England Governor Mark Carney and it was fined 226 million...

By Richard Partington, Bloomberg | Updated on July 30, 2014

(Bloomberg) — The bill keeps rising for Lloyds Banking Group Plc’s misdeeds.

The lender may need to set aside 500 million pounds ($847 million) more to compensate consumers who were wrongly sold insurance on loans, according to four analysts’ estimates compiled by Bloomberg. That charge would come just days after Lloyds’s behavior was called “reprehensible” by Bank of England Governor Mark Carney and it was fined 226 million pounds for manipulating interest rates.

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