Lloyd's puts another £375m towards PPI provision

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The bank said in its interim management statement this was due to the increased volume of complaints being received, and added: “The Group continues to monitor the position closely and will re-evaluate the assumptions underlying its analysis as more information becomes available.

“There is inherent uncertainty in making assumptions and the ultimate financial impact may differ from the amount provided.”

Lloyd’s paid out £3.2bn in PPI contact and redress in 2011, meaning the total amount provided

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