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PPI refunds: Lloyds' PPI bill passes £6.5bn

Lloyds Banking Group is to allocate a further £1.3 billion to its payment protection insurance compensation pot, bringing the bank's total bill for PPI to £6.5 billion.

Sky News reported that Lloyds will announce the additional compensation today as it publishes its annual results.

"I have learnt that it is to be larger than the most pessimistic analysts' forecasts," said Mark Kleinman, Sky's City editor.

And the additional allocation could be pushed beyond £1.3 billion, Sky said, as Lloyds directors discuss the situation further.

The extra cash from Lloyds takes the overall bill for Britain's four main banks soaring past £12.5 billion.

It is rumoured that Lloyds boss Antonio Horta-Osorio will indicate he has re-thought the idea of an industry-wide effort to reach a deadline for PPI compensation claims.

In January it was reported that the British Bankers' Association was in talks with the Financial Services Authority and was looking at a cut-off date for PPI claims of summer 2014.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801549455-ADNFCR

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