Lloyds Bank Sets Aside £1 Billion for Clients

Lloyds Bank Sets Aside £1 Billion for Clients

A recent announcement made by the Lloyds Banking Group regarding compensation to clients by an additional £1 billion has taken its total compensation provisions above £5 billion, as per revelations of a new report.

It is being said that the declaration has also prompted the bank to face a net loss for the year's third quarter. However, a rise of 3.5% was noted in shares in London in Thursday morning.

Thursday, it has been decided that the clients who were inappropriately sold insurance would be paid off. £700 million were announced by Barclays as well on Wednesday to be added to the £1.3 billion previously announced.

As per the findings, not only the Barclays and Royal Bank of Scotland, but HSBC and many other largest banks of Britain are required set aside money for compensating clients. In all, an amount of £10 billion is needed to reimburse them. Since, the clientele that was sold payment protection insurance was large in number.

The insurance is meant for those who fall ill or are laid off due to something. And most of the customers even are unaware that they were sold the same when they applied for loans or mortgages. Some have even found it difficult to make claims on policies.


FrenchTribune Specials

Austin tech leaders unveil ‘RideAustin’ non-profit ride-hailing service

In an announcement made on Monday, tech leaders in Austin unveiled a non-profit car-for-hire service -- called RideAustin -- backed by local donations. The new service is an alternative created by Austin-based engineers to Uber and Lyft ride-hailing services which have been ousted from the city after a contentious regulation scuffle.

The...

Most Popular

Google likely to focus on VR and AI at I/O conference this week

At Google's 2016 I/O developer conference scheduled to...

Twitter may stop counting photos and links towards its 140-character limit

According to a Bloomberg report published on Monday,...

Danish researchers face criticism for publishing OkCupid users’ data

A team of Danish researchers triggered a controversy...

Mark Zuckerberg will meet with top conservative media figureheads this week

In an evident effort to address Facebook's alleged...

Poll

Can Greece Come out of Economic Problems: